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Bringing in a partner

How to bring in a partner

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  After four years, my small sole practitioner firm is established and growing. I have been offered use of a second office in a different city. I'm looking to bring in a partner and make the firm an LLP. The accountancy practice brokers are not involved in providing partnership candidates to an ongoing business. I would be grateful to know of the experience and advice of others in this regard and on any practical difficulties that I should expect.

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Slim
By Slim
20th Jul 2020 19:49

I can’t give any advice other than be very careful who you choose, ime the relationship sours more often than not.

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By Paul Crowley
21st Jul 2020 04:35

Plan the exit route before entering the building

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Hallerud at Easter
By DJKL
21st Jul 2020 11:02

In multi partner firms the relationships can be strictly business, in two partner firms whilst you do not particularly need to be friends you do need to be on the same wavelength, your visions for the firm need to match and you each need to be happy with respective responsibilities- rub along together.

One of the reasons partners used to first get taken on as salaried partners, before becoming equity partners, was to check they were a good match, akin to a decent length eighteen month/two year engagement , that is how I would find my partner.

(though in real life I met my wife in October, was engaged by February and we were married by July, 30 years ago this month, so maybe a shorter "engagement" works)

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Replying to DJKL:
B E
By brettca
21st Jul 2020 11:34

Excellent. Wishing you both a happy 30th anniversary.
Thanks for the advice.

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By Mr_awol
21st Jul 2020 11:13

Sometimes the recruitment agencies provide details of candidates for a 'partner designate' role. That's fine if you are looking for someone to come without their own fee base and effectively be a manager for a few years before making the step up. It is similar to how I got my position.

My last place would occasionally promote from within but generally obtained partners by acquiring smaller practices/one man bands, or preferably tempting other partners away from local practices.

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