Posts Tagged ‘CPA Firm New Partners’
You Need More Partners: How Do You Get Your Managers Interested?
We all know that promoting from within is often the best path to continue a CPA firm’s success. The ability for long-term managers to carry on the client service practices you’ve developed over the years is easier than getting lateral hires up to speed and in alignment with your culture. On this topic, we received…
Read MoreBringing in a New Partner: Changing to Today’s World
We know all too well that the #1 challenge in the CPA profession is finding and retaining people. Drilling down, the interrelated issues are: The declining number of accountants High school and college students’ reduced interest in accounting majors Partners being too busy to mentor staff and focus on this The challenge that firms have…
Read MoreShould CPA Firms Continue the Decades-Long Practice of New Partner Buy-Ins?
Aspiring accountants who are invited to become a partner in their CPA firm usually face the hurdle of a buy-in requirement. This requirement is a payment that new partners must make to gain an ownership stake in the firm. Depending on the practice’s size, the buy-in requirement can be substantial at some firms, ranging from…
Read MoreWhy Working at a CPA Firm is Phenomenal, and Why Students Should Major in Accounting
We’ve written over 500 blogs in the past 15 years. Our material is pitched mostly to partners and managers. We would love it if this blog was read by entry-level hires, staff at CPA firms senior or below, and interns. Partners, you should forward a copy of this blog to your firm’s young people. We…
Read MoreTime Tracking: A Partner-Candidate Asks If It’s Worth It
We previously shared Part 1 of this series. Read it here. We occasionally receive lengthy replies to our blogs and like to share our readers’ perspectives. A senior manager of a three-partner firm in the Midwest wrote to us, following my April Fool’s blog on raising the minimum retirement age to 85, articulating frustration with…
Read MoreWhat Partner Candidates Need to Know
I recently spoke with a young man at a 12-partner CPA firm who was anticipating being offered a partnership in the next couple of years. He wanted some guidance on whether or not to accept the offer, should it be made. It turned out he had quite a few misconceptions about how someone becomes a…
Read MoreCan a 100% Remote Person Become a Partner?
Working remotely triggers “outside-the-box” thinking Can you name a more vivid example of a situation needing “outside-the-box” thinking during the last three years than dealing with the avalanche of remote workers? Remote working in the CPA profession was in use for decades before the pandemic, but relatively infrequently, with the vast majority of remote workers…
Read MoreHow Do Founders Compensate New Partners?
Many CPA firm founding partners are generous in casting off some of their compensation to incoming partners in the form of a promotion raise. At the same time, few founders would give up a sizeable chunk of what they have created to date. In other words, just because the new partners join as owners, they…
Read MoreHands-Off Leadership Development Heralded by CPA Firm Leaders
As featured in Accounting Today. You’re busy. Everyone is. You also need a pipeline of future leaders to continue to run the profitable accounting firm you’ve created and provide you, hopefully, with a generous internal buyout. You’ve been hearing that you need to actively develop your team to be successful, but who has time for…
Read More10 Steps to New Partner Development
As featured in the CPA Leadership Journal. Do you want your CPA firm to thrive for years to come? Invest in the future of your firm by prioritizing new partner development. Use these ten best practices in new partner development to guide your firm to a bright future. 1. Communicate the Benefits of Partnership Never…
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