Art of Accounting: What it takes to be promoted to partner

Today is the first day of partnership for many accountants who were promoted to that position. It is not an honorary position, but a serious move intended to elevate people who earned it and who evidenced an ability to carry on as a future leader of the practice. Many new staff might wonder what it takes, while longer-serving staff might be resentful of being passed over. 

Here is a short list of some of what I suggest it takes to be promoted to partner:

• Do not let a partner chase you to get you to do something you said you would do.
• Keep all promises, no matter how glibly or casually they might have been expressed.
• Take over as much work as possible that a partner does on the clients you manage.
• Bond with the clients you work with and establish relationships so you get the first call when something new is being considered. And then keep the partner informed of any progress.
• Develop added services that your firm could be engaged for by the clients you manage. 
• Regardless of your role, you need to be able to bring in new business.
• A start to bringing in new business is generating leads that can be fleshed out by a partner so they become clients. Developing referral sources starts the day you begin working as an accountant, not a week before you want to be promoted to partner.
• Coordinate the services on your clients with the tax, audit and advisory specialists, as appropriate, to assure the best attention your firm can provide.
• Become a go-to person in one or two service specialties, niches or industries.
• Be a leader for newer staff.
• Mentor your replacement.

These are my suggestions. I do not feel any of these is an option; they are what you must do. 
Being a partner means being an owner and also someone who will carry on the practice and make buy-out payments. It’s a position of trust and great financial responsibility. You will not be promoted unless the current partners have full confidence in your ability to maintain and grow what they are passing on to you. You need to earn that trust.

My “Memoirs as a CPA” has been published and is available in Kindle and print editions at amazon.com. Buy it, read it and enjoy it! Do not hesitate to contact me at emendlowitz@withum.com with your practice management questions or about engagements you might not be able to perform.