Mark Lee talks to Stephen Harvard Davis about best practice when accountancy firms recruit new partners and what to do if the appointment goes wrong.
Mark Lee is consultant practice editor of AccountingWEB and provides a range of services to enable sole practitioner accountants to build more successful practices.
An accountant by...
If anyone reading this is a partner in a firm...it seems to me everyone on here is a sole practitioner, like me...mind you I have got 20 staff, so I am quite a big sole practitioner!
I agree most of those who comment seem to be sole practitioners. But I suspect readership goes far wider than that. Indeed the vast majority do not comment at all so it is hard to draw definitive conclusions.
It's interesting that you have a team as large as 20 and I guess that a substantial amount of time is thus spent on "People issues".
In my experience any recruitment brings with it a ‘change stress’ and a 40% risk of failure. As mentioned the costs associated with a failed recruitment exercise will include management and staff time in addition to the lost opportunities, all of this can be quite crippling for a small firm particularly a sole trader.
Doubtless you probably don't deal with those people issues all yourself but the costs of having them managed by someone can be high. Tools used to manage the situation for a partner would be equally applicable for non-partner personnel.
Stephen Harvard Davis
I am on the cusp of buying a second office ( when he finally decides hes retiring) and that would ( according to the top 100 list) make me about no94 and the only sole practitioner in it mwahahahaa
Managing peoples easy...Just hire qualified accountants ACA CA or ACCA ...job done right, on time, within budget, with minimum of fuss and hardly any input from me...
What you need is sledgehammers to crack nuts...so they all get nicely cracked.
I just get to organise the xmas party in...... Monte Carlo...(and its £149.98/ head...and I think we know what that means)
.Thanks Mark and Stephen.
An interesting read. As someone in my early thirties with partner discussions in progress for 2014 with a mid tier firm, it's a worthwhile read. I used to think I was the one gaining the most from becoming partner but I now understand that it's a two way deal. The firm needs me as much and perhaps more than I it.