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• W236335163 abstract "The path to an equitable division of a firm's profits. EXECUTIVE SUMMARY * RECONFIGURING COMPENSATION PLANS to create incentive for younger partners while buying out retiring partners at fair market value can lead to painful clashes. It's better to have a compensation strategy that's adaptable to a firm's needs from start-up to maturity. * A NONPIRATING CLAUSE WILL PROTECT a firm by ensuring that a partner leaving the firm before retirement who takes clients with him has to pay for that business. * BUILD IN PERFORMANCE INCENTIVES by awarding bonuses when people exceed expectations. * SMART SMALLER FIRMS ARE FORMING ALLIANCES with financial-services, employee-benefits and other entities to be able to offer a range of services. * BE PREPARED. DO A WHAT-IF model to see what might happen if income goes down 10% or 15% for two or three years in a row. * A FIRM NEEDS TO FINANCE INFRASTRUCTURE, designate a marketing partner, develop and train staff and provide for succession. * THE POINTS SYSTEM AND THE THREE-PIECE COMBINATION system are flexible compensation methods that take ownership and productivity into consideration while leaving room for discretionary adjustments. Charles McCann, on 23 years with Mayer Hoffman McCann (MHM), which was ultimately sold to CBIZ. There are about 50,000 accounting firms in the United States and nearly that many compensation methods. Right now most CPAs are having their best year ever, better even than last year, which was the best year, and so on--back to about 1994, when the current upswing got rolling. This boom is papering over flaws in partner compensation formulas at many firms. Structuring a firm's compensation formula from a blank page at the beginning is complicated enough, but it is a monumental task to change one that's been in place for years. Typically, some partners will be on the down side of a change--and those who are will find it painful. The CPA profession is in flux, and firms need talented new partners to replace baby-boomers who will be retiring soon. Firms are having to reconfigure their compensation plans to create incentives for younger partners while buying out retiring partners at fair market value--at a time when the old valuation formulas are changing because consolidators competing for firms have driven up values. The challenge of partnering--whether it's a partnership, a PC or an LLC--means professionals in client service who consider themselves of equal talent inevitably will have issues to resolve. There are some steps to take to ease conflicts and plan for the financial swings likely to occur over the course of a partnership, FAIRNESS IS A BASIC The natural goal ora compensation formula is to distribute income equitably based on capital, productivity and time in the firm. Partners must protect their interests, and the firm must prosper as an entity. A firm that's had a half-dozen partners for 20 years and brings in a young partner--who does well, has a book of business and is charging ahead--has to have a policy on whether 10 years down the road he or she will be eligible to make as much as the senior partners do. Its plan must allow younger partners' income to increase if it wants to keep them. To work well the firm's plan has to handle potential trouble spots. Principles such as the following are a good foundation: Revisit your compensation strategy. If your firm's compensation plan has been around a long time and is working well, revisit it now anyway. Do a what-if model to see what might happen if income goes down 10% or 15% for two or three years in a row. What problems show up? What would minimize them? Ask the other partners what they think. Leave some profits in the firm. Obviously you must both compensate partners and leave a little bit in the firm to keep it healthy. Some firms don't; the partners distribute all the profits, borrow against the receivables and operate on borrowed money, which is not wise. …" @default.
• W236335163 created "2016-06-24" @default.
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• W236335163 date "2000-10-01" @default.
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• W236335163 title "Money Talks or Partners Walk" @default.
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