what makes a great partnership€¦ · what makes a great partnership just about everything you...

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What Makes a Great Partnership

Just about Everything You Need to Know!

By AUGUST J. AQUILA

Co-author of How to Become the Firm of Choice,

How to Engage Partners in the Firm’s Future, and

Leadership At It's Strongest

All published by CPA Trendlines and available at store.cpatrendlines.com

This is a preview of "What Makes a Great Partnership," available at store.cpatrendlines.com/shop/aa-great-partnership


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Notice to Readers

Copyright 2016 August J. Aquila All rights reserved.

Published by CPA Trendlines, an imprint of Bay Street Group LLC. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including, but not limited to, photocopying, recording or use of any information storage or retrieval system without the express written permission of the author, August Aquila or the publisher. Contact the author at [email protected]. Contact the publisher at Bay Street Group LLC, PO Box 5139, East Hampton, NY 11937 USA. www.baystreetgroup.com.

What Makes a Great Partnership does not represent an official position of CPA Trendlines or Bay Street Group LLC and it is distributed with the understanding that the authors and publisher are not rendering legal, accounting or other professional services in the publication. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

Registered and/or pending trademarks in the United States are used throughout this work. Use of the trademark symbols or “TM” is limited to one or two prominent trademark usages for each mark. Trademarks understood to be owned by others are used in a non-trademark manner for explanatory purposes only, or ownership by others is indicated to the extent known.

All persons, companies and organizations listed in the text are purely fictitious and for teaching purposes, unless the example states otherwise. Any resemblance to existing organizations or persons is purely coincidental.

ISBN-13: 978-0986258954 (CPA Trendlines)

ISBN-10: 0986258954

BISAC: Business & Economics / Accounting / General



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Contents

How to Use This Book ................................................................. vii

Introduction ................................................................................. ix

CHAPTER 1: What Makes a Great Partnership? ......................... 1

What Makes a Great Partnership? ................................................ 3

How You Can Get Partners to Change ......................................... 17

What is Partner Accountability? ................................................... 27

Achieving Partner Unity ............................................................... 33

If You Don’t Believe Me, Listen to What Gordon Krater Has to Say .............................................. 43

CHAPTER 2: What Does It Mean to Be a Partner? .................... 47

Partnership a Harsh New Reality ................................................. 49

Making Partner in an Accounting Firm Is Not What It Used to Be ........................................................... 57

What It Takes to Become an Equity Partner? ............................... 61

Why Partners Need Written Guidelines ....................................... 65

Do Your Partners Pay for Their Own Way? .................................. 69

So, What Does Being a Partner Mean? ........................................ 77

CHAPTER 3: What Should Managing Partners Do? .................. 85

Managing a Practice – The Toughest Job in the World ................. 87

What Managing Partners Should Be Doing ................................. 93

Why Leaders Fail ......................................................................... 97

How to Keep Your Edge ............................................................... 99

Transitioning to a New Managing Partner ................................... 105

Playing at the Peak of Their Game ............................................... 109

What Should Managing Partners Focus On .................................... 117



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CHAPTER 4: Rewarding Partners: Why Is It Always About Compensation? .................................................................. 121

What Makes a Good Compensation Plan? ................................... 123

Why Is It Always About Partner Compensation? .......................... 127

Time for a Partner Compensation Checkup? ................................ 133

CHAPTER 5: How to Deal with Difficult and Underperforming Partners ............................................................ 135

Handling Partners with Strong Views .......................................... 137

Underperformers Come in Many Shapes and Sizes ....................... 145

13 Warning Signs of Partners Not Engaged .................................. 149

25 Years of Dealing with Underperforming and Dysfunctional Partners .......................................................... 153

CHAPTER 6: How to Deal with Partner Retirement .................. 161

Why Throw Out a Valuable Asset? ............................................... 163

Plan Ahead for Partner Retirement ............................................... 169

Succession Planning Spells SUCCESS .......................................... 177

About the Author ......................................................................... 183

About CPA Trendlines ................................................................. 185



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How to Use This Book

I have attempted to make this book more than just a book. It’s a practice management tool and handbook that can be used to create a partnership that is truly a winning team. I have made it easy for you to reap the benefits of my 30+ years of consulting experience to professional services firms around the world. Simply follow the process below and see for yourself how this book can change your partners and how you can make a great partnership.

First, read this book with a pencil in hand. You will want to take notes in the margins or on paper. Look for concepts that you would like to incorporate into your firm and highlight those that you are already doing or could do better.

Second, have your management/leadership team read the book so they are familiar with the concepts.

Third, hold a management/leadership team meeting/retreat. I have placed a suggested list of questions at the end of each chapter. These can be used as talking points for the meeting. Don’t try to address all the chapters at once. I suggest that you take one chapter at a time and have a 2- to 4-hour discussion about the general theme, the suggested questions and action steps that you want to take.

Fourth, you should expect some robust dialogue at these meetings. If your people are not open or challenging each other you need to set the tone for a more constructive meeting.



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Fifth, action steps are critical for you to get real value from the concepts in the book. A robust discussion will certainly heighten awareness of opportunities, but it’s the execution – the call to action – that is most important.

Sixth, after each meeting create a 90-day action plan and then review the progress of the plan every 30 days. Each team member should have only 1 or 2 goals to accomplish in the 90-day period. This is a discipline that will ensure that youmake progress and get results.

Please feel free to contact me if you need additional assistance. I stand by to help you achieve your firm’s full potential.

August Aquila



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Introduction Great partnerships are all different – Walt and Mickey, Bogie and Bacall, Bert and Ernie, Milk and Cookies, SpongeBob and Patrick, Ben and Jerry, The Blues Brothers, Calvin and Hobbes, Thelma and Louise and so on.

While they were all different, they also had a lot in common. The partners were unique, but liked to be together, talk together and do things together. While they didn’t always agree on things, they argued in a skillful manner that left the relationship stronger, not weaker. They were in the relationship for the long haul – they were committed to each other. And, they had shared values.

Ask a hundred partners what it takes to make a great partnership and you may well receive 100 different answers. Being a partner in one firm does not automatically make you partner material in another. I have been working with partners of professional services firms for more than 36 years in the United States, Mexico, Canada, England and India. For nine years, I was a partner in a top 50 accounting firm in Chicago.

What you are going to read in this book comes from those 36 years of experience. These are things I have learned from my clients and from my own working experiences as a partner in a top 50 accounting firm, a senior executive in a Fortune 100 firm and an owner of my own consulting practice.

It’s not easy to develop a great partnership. Plante and Moran, the Michigan-based accounting firm, has been very successful in doing so. Gordon Krater and Bill Hermann



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even wrote a book about the firm titled Succession Transition: A Roadmap for Seamless Transitions in Leadership (2011). The international consulting firm McKinsey has developed one of the greatest partnerships of all time. And while some firms have been able to create great partnerships, this alone does not guarantee that they will succeed. Arthur Andersen was one such firm. Past success, as they say, is no guarantee for future performance.

There are many parts that make up a great partnership and getting them right and getting them to fit together seamlessly is a real challenge. Krater and Hermann identified six areas of focus that help ensure healthy organizations:

• Organizational culture• Communication and recognition• Leadership selection• Development• Experiential learning• Mentoring1

I full heartedly agree with Krater and Hermann, but I wanted to drill down into the belly of the organization and identify specific aspects of great partnerships. I found that there are three elements of all great partnerships – CULTURE, PEOPLE and EXECUTION. You will find on the following pages my thoughts on

• What Makes a Great Partnership?• What Does it Mean to be a Partner?

1 Succession Transition: A Roadmap for Seamless Transitions in Leadership, p.7.



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• What Should Managing Partners Do?• How Should Partners be Compensated?• How to Deal with Difficult and Underperforming

Partners• How to Deal with Partner Retirement

Let me first of all say that not everything in this book works perfectly. There is no magic potion that you can have your partners drink. The ideas and processes presented do work to improve the firm to the extent that you believe in and implement them. Changes come about slowly and with great effort and commitment.

There are many different concepts presented in the follow pages from forming a great partnership, determining what it means to be a partner in your firm, determining what the managing partner needs to do, compensating partners, dealing with difficult and underperforming partners, dealing with partner retirement to keeping the culture alive. Think of these six areas as pieces of a puzzle that need to be put together. In order for the puzzle to be completed, each piece needs to be custom-designed for your firm.

Does any firm ever get all the pieces together perfectly? I doubt it. Even the best run professional services firms don’t always get everything right. Perfection is not what you should be looking for, rather your goal is to make your partnership stronger each year. Creating a winning team is a multi-faceted process.

Good partnerships are built on trust. The partners realize that they all work for the same firm and there is only one. They believe in the good intentions of their fellow partners



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so there is no finger pointing. They encourage feedback from their fellow partners, employees and clients since they know they can always do better.

No matter what they say, it is always what they do that counts at the end of the day. If they say they are going to do something they do it. Their word is sacred. They spoil their clients by providing extraordinary service.

I have tried to capture the essence of each of these ideas in this book. Each chapters deals with a specific topic and addresses the topic from various angles. In Chapter 1, I discuss what makes a great partnership. Chapter 2 focuses on the individual partner. Chapter 3 explores what the managing partner should do. Chapter 4 briefly discusses partner compensation. Chapter 5 provides some insights in dealing with underperforming and dysfunctional partners. And finally, Chapter 6 deals with partner retirement.

If you are a managing partner reading this book, connect the dots in this book so you can see how the entire puzzle fits together. Trying to herd cats is extremely difficult since they all have minds of their own. This book will provide you with key strategies that can help you engage your partners in the firm.

If you are already a partner and are trying to understand how to navigate through the politics of a partnership, then this book will provide you with the required insights.

Finally, if you are not a partner in an accounting or law firm, but have desires to be one, then this book will serve as your guide in understanding what it takes.



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Great things can be accomplished if these two values can work hand in hand. This firm would be a better place if we had consistency, fairness, and we were all respected no matter what level.

Here are the key behaviors

Level 1Entry-Level TeamMembers

• Exhibits a positive attitude and manner• Helps out whenever needed• Listens attentively to others• Is concerned about others• Volunteers to work on a project even though not

assigned to it

Level 2SeniorsSupervisorsExperiencedAdministrativeTeam Members

• Consistently performs Level 1 behaviors• Is tactful when dealing with others• Does not badmouth others• Has empathy for the other’s opinion• Stays late to help finish a project• Supports each other’s talents

Level 3ManagersShareholders

• Consistently performs Levels 1 & 2 behaviors• Appreciates the assistance they receive• Respects opinions of others, even if not in agreement• Encourages trust and emotional risk taking• Treats others the way they would want to be treated

3. Defined Expectations

Over the last 10 years I have conducted surveys with the PCPS division of the AICPA that dealt with performance management. In 2006 only 10% of the firms responding to the survey indicated that their partners had written goals. Six years later, I again asked firms if their partners had written goals and only 11% of the firms responding to the survey indicated that their partners had written goals.

It is not that firm leaders don’t believe that partners should have written goals. In both surveys 85% of the respondents



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indicated that they agreed that if partners had written goals that the firm would be profitable.

When partners, or any of us, don’t have defined expectations, we tend to make up our own. For example, partners in a firm without defined expectations may work extremely hard during the year, but are not doing the right thing to help the firm become successful. The fault here lies with the management of the firm. Management needs to communicate with each partner what is expected of them. Partners can then agree or disagree with the expectations. If they disagree they should be able to begin a dialogue with management as to what they can do.

Not all firms are going to be great. That’s a statistical impossibility. Professional services firms, just like any other organization or group, will fall somewhere on a normal standard deviation curve. This tells us that not all firms can be exceptional. Nevertheless, that does not preclude firms from striving to be the best.

NORMAL CURVE STANDARD DEVIATION



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and trust. These characteristics are really as important in a business relationship as they are in a personal relationship.

I have also found that the same goes with clients. If you have a good connection and chemistry with a client it makes your work a great deal more fulfilling and enjoyable. Having a great chemistry with your partners certainly will give you a solid reason to get up and go to work each morning.

Here is what you need to do. Write down the names of each of your partners. Then create as many qualities as you want in the columns. Use Exhibit 1 to get started:

ExhIbIT 1

PARTNER NAME

SHARES VALUES

SIMILAR WORK ETHIC

TRUST ACCOUNTABLE SIMILAR GOALS

ETC.

PARTNER A

PARTNER B

PARTNER C

ETC.

Now, in each cell on a scale from 1 to 5, 1 being low and 5 being high, evaluate each of your partners. For example, you and Partner A share the same values, you have the same work ethic, trust each other and are accountable. You would probably rate Partner A a 5 in each cell.

Partner B, however, doesn’t share the firm’s values or the firm’s work ethic, but is trustworthy and accountable. You need to decide what to do with Partner B. This could be a difficult call, especially if Partner B is very productive.



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How You CanGet Partners to Change

“Firms are better at planning than executing.”– August Aquila

Do you ever wonder why your best plan is never implemented? Why some of your partners sabotage what you are trying to do in the firm?

Over the years I have seen firms develop great strategic, operational and compensation plans and then nothing ever happens. The plans are not implemented for a myriad of reasons. One managing partner told me he had too many other issues to address, another was waiting for the management team to give its final blessing and still another just blamed everyone else in the firm rather than looking at himself in a mirror. And, another managing partner even told me the firm could not afford to make the changes!

If you are planning to tackle an issue in the firm and make a change, the first thing you need to do is clarify what the real problem is. Next, describe your overall approach by creating a roadmap. Then you need to gather facts and work together with other partners in the firm. Finally, develop your recommendations and identify the next steps.

There is also one more thing you must do. Ask yourself this: “What will make my partners change?” By change, I mean behaving differently. Because we know as a fact that if partners do not change their behaviors nothing in the firm changes.



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the production goals. And finally, he looked at the current processes and discovered there were better ways to get the work done.

In the short run, the team’s production suffered. But its morale improved and turnover lessened. Thomas was committed to developing the technical knowhow of the team and setting more realistic production gals. These two items became the new driving forces. In the end, Thomas was able to lessen the existing restraining forces of high turnover, hostility and low morale. Within a few months he noticed a trend toward a higher level of output and profitability.

ExhIbIT 1: FORCE FIELD ANALYSIS – CURRENT SITUATION

Driving Forces Current Situation Restraining Forces

Production Low productivity Hostility toward firm

Autocratic leadership

Too autocratic Low morale

Eat what you kill Silos Absenteeism

Lack of Trust

ExhIbIT 2: FORCE FIELD ANALYSIS – DESIRED SITUATION

Driving Forces Current Situation Desired State Restraining Forces

Less emphasis on only production

Low productivity Team members feel respected and valued

Hostility toward firm

Authentic leadership

Too autocratic Good morale Low morale

Team approach Silos Absenteeism

Lack of trust

Firms and practice group leaders are frequently in positions in which they must consider not only achieving short-term and long-term goals but also intervening variables. It can be seen



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Achieving Partner Unity I have worked with many firms in helping them build team unity, especially when the firm is undergoing a change in managing partner, merging or just trying to implement its strategic plan.

Everyone knows that partner unity is one of the keys for overall success and sustainability. And, we know the benefits of having greater partner unity than the next firm – better client service, less employee turnover, superior profitability.

The problem that many firms face is this – they don’t know how to create partner unity. It’s not something that is forced on the partners. Partners are strong-willed individuals and don’t really like to be told what to do. There is more than one way to create partner unity. I want to provide you with a process that will get you started.

First, let’s define what partner unity is not. • All partners are not clones of each other.• All partners do not have the same skill sets.• All partners are not at the same stage of their career and

personal lives.• All partners do not agree 100% on how the firm should

be managed.• All partners are not “best” friends.

I’m sure you can add several additional bullet points to the above list.



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ExERCISE

Building a Culture of Accountability – Partner Questionnaire

What is accountability?

Why is it important in any professional services firm?

What is working in your firm in regard to accountability? What are the results that you see?

What is not working in your firm in regard to accountability? What are the signs or symptoms that you see?



Where do you think you can have the greatest impact on improving accountability? (Circle one or more.)

Trust

Strategic Leadership

Embedded Core Values

Shared Vision/Mission

Partner Standards

Performance Culture

Change

What would you do?

Additional Thoughts/Notes/Action Items:



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Partnership –A Harsh New Reality One major result of the Great Recession is that firms can no longer afford to keep partners who are unable to pay their own way and help the firm grow. I say this because firms have already cut staff to maintain their level of profitability and there is no additional fat to cut. Competition and fee pressure from larger firms in every market continues to put a squeeze on profits. In addition, employment opportunities are surfacing again for the employees in your firms.

There is only one area left that should be considered for possible cuts, or better yet, for improvements – the partners. As a professional services firm, you are a business. And like any other business, you need to be profitable in order to continue to exist. Remember, no business has ever cut its way to success! Firm leaders must take a hard look at their partners and determine if the firm can continue to carry all of them.

In any professional services firm, profitability is the result of the firm’s combined human capital talents, business management skills, marketing knowhow, internal systems and value proposition to its core clients. Small firms cannot justify having a partner be solely an administrative or human resource partner. Larger firms have the ability to hire dedicated marketing, operational and human resource professionals. This frees the partners to spend more time doing the things partners should be doing – serving clients and bringing in new business.



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bASIC PARTNER EVALUATION FORM

There are five areas in which partners need to perform. What you need to do is set targets for each area for each person in your firm. For example, Partner A is a strong rainmaker. Hence, he would have a higher target in this area than Partner B, who is strong at developing people.

Area Sample Targets Results What Went Well

Areas for Improvement

Winning Business

Revenue at X Gross Margin %

New Clients in Core Markets

Developing People

Developing staff to take over your clients

Leading and Managing the Firm

Number of strategic initiatives completed with excellence

Firm Profitability Goals

Improving Technical Knowledge

New Areas learned and implemented

Managing Matters with Efficiency and Profitability

Timely delivery of engagements

Gross Margin % of X



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DIRECTION

• Provide a compelling direction an strategy

• Know where the firm “is” and what is possible

• Focus people’s attention and actions around key priorities

• Constantly assess the firm’s markets and determine when and how to respond

• Share successes that clarify what the future looks like

COMMITMENT

• Take the partners with them

• Motivate, empower and trust their partners

• Keep repeating the message

• Balance being a business and a profession

• Focus on the people who want to go with them rather than the people who don’t

ExECUTION

• Initiate activities that drive and support the strategy

• Appoint people who help them get things done

• Help the partners be effective leaders

• Help clients and the firm’s people exceed their expectations

• Stay on top of the firm’s finances

PERSONAL ExAMPLE

• Demonstrate an unswerving commitment to being the best

• Seek and listen to the opinions of others but know when it’s time to act

• Reinforce the need for sustained high performance through their own actions

• Stay close to their/the firm’s key client relationships

• Avoid the minutiae of management

• Make the tough people decisions

• Ask for help when they need it

The key activities that underpin the model

With differentiation in professional services only achieved through delivery, the key task for any managing partner is to ensure that everything the firm does is aligned with what it has to do to be successful in its markets. While the model outlines the behaviors that the successful MPs demonstrated, they also did lots of other things that enabled them to consistently operate at the top of their game – and ensure the



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What Should Managing Partners Focus on? According to Marc Rosenberg, managing partners should focus on the following six areas: • Leadership• Profitability• Strategic planning• Team building• Learning/Training• Asset protection

Each of these areas is important and worthy of further discussion. The size of your firm, number of partners/owners and the existing management team will influence the areas of importance. The following rating scale applies:• EE – Exceeds expectations• ME – Meets expectations• NI – Needs improvement

LEADERShIP CRITERIA EE ME NI

1. Does the managing partner function as the firm’s visionary?

2. Does managing partner have the proper balance between long-term vision and current results?

3. Can managing partner make a decision promptly and effectively?



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18. Does managing partner resolve partner conflicts and counsel partners as needed?

19. Does the managing partner limit the number of personnel reporting directly to him? (Generally five to seven.)

20. Does the managing partner enforce the One-Firm concept, firm standards, policies and procedures?

LEARNING/TRAINING CULTURE CRITERIA EE ME NI

21. Does the managing partner support a learning/training culture?

22. Does managing partner require firm personnel to develop new skills?

23. Does the managing partner ensure that partners and staff attend learning sessions?

24. Does the managing partner teach and ensure the firm’s culture is consistent among departments and offices?

25. Does the managing partner continue to learn and grow personally?

FIRM PROFITAbILITY CRITERIA EE ME NI

26. Does the managing partner manage to the strategic plan and budget?

27. Does managing partner require all personnel to develop annual game plans?

28. Does managing partner hold partners accountable for their annual game plans?

29. Does the firm have a retirement plan that will ensure the continuation of the firm?

30. Does the managing partner ensure enforcement of firm policies regarding billings, collections and partner performance?

31. Does the managing partner terminate non-performers?



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ASSET PROTECTION CRITERIA EE ME NI

32. Does the managing partner keep the shareholder and employment agreements current?

33. Has the managing partner addressed succession planning?

34. Is there a firm plan in place?

35. Does managing partner regularly review insurance coverage and monitor risk management?

36. Does the managing partner negotiate and review material legal agreements?

37. Does the managing partner have a current employment agreement with the firm?



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hOW TO IDENTIFY ThE UNPRODUCTIVE OR DYSFUNCTIONAL PARTNERS.

Here are some key behavioral examples:

• Workstoofewhourstoproduceadequaterevenue

• Hoardsworkandisunwillingtodelegate

• Failstofollowup

• Threatenstoleavethefirm

• Oftentakesonthewrongtypesofclients

• Unabletoretainclients

• Doesn’tcommunicatewellwithotherpartners

• Doesn’ttrustotherpartnerstohelpwithhis/herclients

• Thingscanonlybedonehisway

• Lacksemotionalintelligence

• Doesnotperformatthepartnerlevel

• Isinsecureanddoesnottakecriticismwell

• Commitsofficetounrealistictimetables

• Manipulatesvariousinternalsystems,especiallywhenitcomesto compensation

• Refusestocross-sellservices

• Failstoseehis/herownshortcomings

• Becomesoverlyaggressive

• Hasanalcoholicordrugproblem

• Isnotateamplayer

• Doesnotparticipateinofficeevents

• Drivesstaffaway



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About the Author August Aquila is an internationally known speaker, consultant and author and has held leading positions in the accounting profession for more than 30 years. He is CEO of AQUILA Global Advisors, a full-service consulting firm to accounting, legal and other professional services firms in the US, Canada, UK and India.

August focuses his consulting on designing compensation plans, resolving organizational and partner issues, transition planning and developing strategic plans. Before starting AQUILA Global Advisors, he held several executive leadership positions with American Express Tax and Business Services, Inc. He was also a partner in a top 50 firm and regional marketing director for Coopers & Lybrand (now PWC) in Chicago.

In 2003 he was elected into the Association for Accounting Marketing’s Hall of Fame and has been selected as one of the “Top 100 Most Influential People in The Accounting Profession” by Accounting Today for several years.

He is the author of hundreds of articles and several books on practice management, mergers & acquisitions and compensation plan designs. Recent books include How to Become the Firm of Choice (Bay Street Group 2016); How to Engage Partners in the Firm’s Future (Bay Street Group 2013); Leadership at Its Strongest (Bay Street Group 2013); Performance is Everything (AICPA 2012); Compensation as a Strategic Asset (AICPA 2007); and Client at the Core (John



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Wiley & Sons 2004). August is also a co-author, with Rob Lees and Derek Klyhn, of the ground-breaking research on what successful managing partners do to drive improvements in their firm’s competitive and financial performance.

He can be reached at [email protected] or 1-952-930-1295. For more information see www.aquilaadvisors.com.



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About CPA Trendlines What Makes a Great Partnership is published by CPA Trendlines, an imprint of Bay Street Group LLC.

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