One of the first questions I ask when I interview the managing partner of a potential CPA firm client is, “When was the last time you updated your partner agreements?”
In almost every case, they tell me that it has been quite some time ago. Partner agreements seem to be the type of thing that accountants don’t worry about until a crisis is upon them.
One of my on-going goals is to give you tools and tips that you can use in your firm, and hopefully nudge you into action before that “crisis” happens.
Here is a short checklist that you can use to review your firm’s partner agreements. It contains some guidelines that will get you started. We’ve also included some of the latest information on retirement provisions and current thinking that the profession is embracing.
If you’re like most firms and it has been quite a while since you updated your agreements, make it an important goal for 2016.