The Looming Succession Crisis: One Solution for CPAs
By Marijean Jaggers-The Growth Partnership  (December 20, 2004)  

For many CPA firms, facing the “zero hour” – the retirement or loss of a strong founding leader without a clear, strategic plan for succession is a frightening, daunting reality. Devoting time and resources to developing strong partners is not often a priority, leaving firms dealing with consequences as serious as a generation unprepared to take the reigns from the current leadership, leading to mergers and acquisitions, and sometimes the end of an era.  

“The hour is upon us,” says Jeffrey S. Pawlow, CEO and President of The Growth Partnership, Inc. “Increased M & A activity and a higher demand for partner development training all point to a problem that is no longer on the horizon, but knocking at the door.”

The zero hour crisis can be avoided. 
The Growth Partnership has created content, processes, and tools designed specifically for the CPA and partnered with Franklin Covey™ Co. (NYSE:FC), the world’s leading provider of effectiveness training,  developing the accounting industry’s premiere partner development program.  The Partner Institute, adheres to an empowered learning model that meets the unique needs of the adult learner and ensures real-world application of the knowledge and skills learned over the course of the program. 

The Partner Institute is a three-year, multidisciplinary program designed to develop the leadership, practice development, and practice management capabilities of its attendees.  Whether a partner or partner-to-be, The Partner Institute assists participants in developing the needed skills and attributes for successful firm leadership. The program focuses on five areas:

·         Leadership

·         Communication

·         Productivity

·         Practice Development

·         CPA Firm Management

The program recognizes that the “face” of “Partner” is changing in the industry. A growing number of partners are over the age of 36 (49%, up from 27% in 1991, according to a study by the Department of Accounting at the University of North Carolina). More women have entered the industry, and 13.8% of partnerships are held by women in the 25 largest CPA firms.¹ Partners today want to work less hours, and senior partners are looking for funded retirement plans. In short, the leaders of tomorrow have different development desires than those of leaders a generation ago. The preparation and personal development required in an ever-increasingly competitive field have changed. Internalized methods for increasing productivity, a grasp on the difference between leading and “just” managing, powerfully effective communication skills, and practice development know-how are essential elements in the preparation of an accounting leader.

“The Partner Institute provides the solution to the increasing problem facing accounting firms today,” says Allan D. Koltin, CPA, PDI Global, Inc., president and CEO, and the charter member of The Partner Institute’s advisory board. “The program comprehensively provides the skills and training using FranklinCovey and the best methods available to develop outstanding leaders for the CPA community of the future.”

Participants enrolled in the program will learn first-hand how to better focus on and execute key business objectives by applying principles taught within The Partner Institute’s workshops. The learnings from the curriculum will help participants in their efforts to deal with the challenges facing the accounting profession today. Participants will also learn how principles, when applied properly, can help them proactively prepare for consolidation, multidisciplinary practices and increased competition. In addition, the workshops will focus on recruitment and retention, succession planning, profitability, marketing, client relationships, and work/life balance. 

The Partner Institute facilitators all have significant experience and familiarity with the accounting profession. As a result, the examples, exercises, and case studies they use to illustrate program principles will all be timely and relevant to practicing CPAs and consultants. 

“TGP is thrilled to provide the most comprehensive Continuing Professional Education program for CPAs in The Partner Institute. We believe this program is the best available training for tomorrow’s leaders in the accounting industry,” says Coral Rice, TGP shareholder and lead facilitator of The Partner Institute. “TGP’s one-on-one coaching for participants throughout the program ensures successful implementation for the individual and the firm.” 

For more information regarding The Partner Institute please call TGP at 877.226.0496 or visit www.thegrowthpartnership.com. 

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