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Library: Promotion to partner

 

by Scott Charlton

Perhaps the ultimate accolade for a professional is to be invited to become a partner in the firm where you are working. Not only does this recognise the value of one’s contribution it represents a significant career and personal milestone. How easy it can be to be swept up in the excitement and expectation!

Years ago, one became partner at "The Firm” by mid 30 and stayed in that role for the next 20 to 30 years until retirement. Friends and clients often still have that expectation. Older members of one’s family give a silent sigh of relief, "Ah, Johnny’s made partner”. However, if ever being a partner in a professional firm was assurance of superior income and a comfortable existence, this is not the case now. Practices are faced with significant competitive pressures in a rapidly evolving technological and economic environment. It’s therefore critical to ensure that you are going into the right business for the right reasons.

For those contemplating partnership here are some issues to assist in making a more informed decision.

A professional who is contemplating an offer of partnership would be well advised to seek out a mentor to discuss the opportunity – someone who has been in and around professional partnerships to pass on experience and enhance your appreciation of the issues involved. Once you are in a partnership there are always financial commitments that make it difficult to walk away.




Scott Charlton
Scott Charlton is a business coach who specialises in assisting professional service firms. Scott’s particular interest in coaching stems from his personal mission to help others achieve their potential. In the past 10 years he has worked with the owners and team members in over 300 accounting and financial planning firms throughout Australia and New Zealand. Scott is the author of Professional Headspace, a soon to be released book on achieving career success and personal fulfilment as a professional in practice.


 



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