Wednesday, November 25th, 2020

Too Long

“Patience is the ability to idle your motor when you feel like stripping your gears.” – Barbara Johnson

When you graduated from college and began working at a CPA firm you probably thought you would work your way up to partner someday.

The years went by and you worked your way up the ladder. You became a Senior, a Supervisor, a manager and perhaps, a Senior Manager. Maybe then you were offered something called Non-Equity Partner and you could actually use the title “Partner” on your business card. But, you were not really a partner.

How long did that take? I am guessing way too long!

Starting with the millennials (they are 39 years old now!) and continuing with Gen Z, young people want to become successful much more quickly than the culture of many CPA firms allow.

All this is prompted by some CPA firm websites I have visited recently. “John Doe joined the firm in 1996 and became a partner in 2018.” “Betty Smith joined the firm in 1994 and became a partner in 2017.”

Doesn’t that seem like a long time to you? And, are they equity partners or just the non-equity type? I am not a fan of the non-equity partner slot. It seems like a holding pattern to me.

Becoming a firm owner is not for everyone, of course. But, for those who have the ambition, the dedication and the skills to become a partner, twelve or thirteen years seems like a long time.

There is one factor to consider. The Baby Boomers are retiring at a rapid rate. If they actually retire, then you don’t have to depend so much on firm growth.

As the old saying goes, if you want to become a partner you have to make yourself too valuable to lose. Make yourself valuable more quickly!

  • "I am patient with stupidity but not with those who are proud of it."
  • Edith Sitwell

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