What is a Partner?

A never-ending discussion at CPA firms revolves around the question:  What is a partner?

I’ve seen the following scenario unfold countless times:  On the retreat agenda is a two hour block of time devoted to the creation of a document entitled “What is a Partner?”  The firm figures that this will achieve two goals:  First, it will clarify with the existing partners what is expected of them and can be used as a tool to evaluate them.  Second, the firm plans to publish the document to its staff as part of its leadership development and mentoring efforts.

We begin the session with me standing next to a flip chart, asking for people to volunteer what they think should be on the list.  It’s pretty easy to get a spirited conversation on this and within a half hours’ time, I usually have 10 or 15 items on the flipchart.  And most all of the items are the “right” answers.

Then, suddenly, one of the partners shrieks out in despair:  “Oh no.”  Everyone immediately turns to this partner, concerned that a very serious problem has arisen or perhaps even the partner is suffering a heart attack.  After a few seconds, with all partners’ eyes fixed on their colleague, someone asks:  “What’s wrong”?  He responds:  “None of us qualifies!”   

I am currently using a handout on this issue that includes 17 items.  Except for #1 below, which IS the most important item, all the rest are listed in no particular order. 

1. A driver.
2. A leader.
3. Manages client relationships well and grows their fees.
4. Develop and mentor staff.
5. Bring in business.
6. Team player.
7. Push work down to staff; responsible for keeping staff busy.
8. Live and breathe the firm’s core values.
9. Protect the firm.  Keep technical skills sharp.  Practice strong ethics.
10. Be a good corporate citizen.

Click here for a complete list of  the 17 items on my handout, What is a Partner. If you think there are other important traits that belong on this list, please comment.