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When considering a partner, think about choosing someone who will compliment your specialty and experience. If you are a tax person, it would be good to bring in a GAAP person for reviews and audits. If you are more of a back office person, partner up with an outgoing salesman type CPA, often referred to as a rainmaker. But be careful of this arrangement because it might appear that the back office person is doing all of the work while the salesman CPA is going out to lunch with prospective clients everyday.
For those of you who abhor the thought of flying solo just keep these thoughts in mind:
and oftentimes it's because of the partner's wives. One wife becomes jealous of the other wife or feels that you are doing more work than your partner or your partner has a nicer office yet you split the profits. Just remember that you need a friendly exit plan and there should be an established plan for resolving conflicts between the partners. |