Monday, April 25th, 2022

The Managing Partner (CEO)

“If you are the CEO, you are the brand.” — George Farris

The above quotation inspired this post. If you are the Managing Partner, you are the brand.

CPA firms operate under the partnership model even if they are not legally a partnership. There is a group of owners, usually titled partners. They elect one partner to take on the role of Managing Partner (MP), meaning he/she is the person charged with managing and leading the firm.

Larger firms have mostly evolved to a more structured system where an executive committee, led by the MP, deals with most firm management decisions. But, the majority of firms in the U.S. are considered smaller and the MP leads the firm. The role has great responsibility but yet, the other partners still want to be involved in almost everything! Still, the MP is expected to be out and about in the community being the visible “face” of the firm. The MP is on various community and charitable boards, attends many civic events, and speaks at various venues when given the opportunity. The MP really does generate and develop a brand for the firm.

Something I have often heard from MPs is the fact that they have become the firm’s MP because no one else wanted the job! Makes me sad. It is such an opportunity if you do it right, for the individual and for the firm. A great MP should be rewarded substantially because of the management duties plus they are expected to have a significant client load. They should be bringing in business and passing it along to other partners.

My simple reminder today is that as MP, you should never lose sight of the fact that you have a responsibility to build the firm brand. The firm brand determines how many clients you will attract and how many accounting graduates and other prospective employees decide to join the firm.

If you want to learn more about the role, there is a great webinar coming up on May 3 titled, The Role of the ManagingPartner: A Guide for Managing Partners to Achieve Greatness for Their Firms. It is via CPA Leadership Institute and presented by Gary Adamson.

  • "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
  • Warren Buffett

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