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Be clear on the buy-in cost and compensation look at it and have them explain what risks they
Before accepting a partnership offer, inquire about see,” said Mike Maksymiw Jr., CPA, CGMA,
the cost to become an owner and how compensa- executive director, Firm Foundation, at Aprio
tion is calculated. Ask, “How much have partners LLP in Atlanta. It’s imperative to understand the
averaged in the recent past? What does this actually partner agreement thoroughly before you sign it,
look like for me? When do bonuses get paid, and he advised.
how are they calculated?” Wittich advised. “Most
firms have some sort of formula.” Present your ideas as a manager
Review your finances, assess the liabilities, and Once you become partner, you will want your
determine your personal needs and financial status: ideas and opinions to be heard by other lead-
Are you single or married with children you need ers of the firm. “Present ideas before you are
to support? Are you the highest or sole earner in partner,” and see how they are received, said
your household? Do you have outstanding debt? Sarah Flischel, CPA, a director, or nonequity
Can you afford a hefty buy-in and still sustain your partner, at Kundinger, Corder & Montoya PC
quality of life? in Denver, who is pondering whether to pursue
equity partnership in 2024. If leaders aren’t
Recognize the liabilities receptive, it could be a sign that it may be hard
Know what liabilities you are taking on if you be- for you to make changes as a partner. Ask to be
come an equity partner. “Have your own attorney included in the firm’s strategic planning sessions,

Career pivots

Some CPAs decide midcareer to pursue paths other than Mann did contract work for the first six months until her
partnership. Sometimes, this means leaving their firms for new business became stable. “It was scary,” she said of the
opportunities. Here are examples of CPAs who made such transition. “But another audit came in at the end of the
career pivots: year, and that gave us enough income to pay bills.” She now
manages several employees in each entity, and both are
Mike Maksymiw Jr., CPA, CGMA, left his nonequity partner flourishing.
position with a large public accounting firm in June 2021
because he determined that partnership wasn’t a fit for what he “I wouldn’t change my life now for anything,” she said.
wanted to do. He called leaving his job “the hardest emotional
roller coaster” but knew he wanted to pursue another role: In June 2021 Luke Selvig, CPA, who was on the partner track
helping public accounting firms strive for a better future. He at Boyum Barenscheer, chose to leave to work at his family’s
is now the executive director, Firm Foundation, at Aprio LLP grocery store in central Minnesota, spending more quality
in Atlanta, leading the organization’s alliance of CPA firms and time with his father and learning the business. The decision
helping like-minded accounting firms improve their operations. to leave a job he loved — and give up his long-term goal of
Maksymiw said a path to partner may exist for him at Aprio but becoming a partner — was gut-wrenching, but Selvig felt it
that becoming a partner is not the end-all, be-all for him now; was the right choice for various reasons.
instead, he wants to be “fulfilled” in what he does.
“There was no pressure from family at all,” Selvig said. “But
Kelly Mann, CPA, left an Omaha, Neb.-based firm in late one of the major deciding factors was being able to work
2018 because culturally it wasn’t a fit for her. Mann had other with my dad and spend a lot more time with him.” Selvig also
reasons for moving on: She had small children, desired more said he was facing burnout and missed spending time with
flexible and fewer working hours, wanted to focus on auditing colleagues during the pandemic. Leaving, he added, “was a
employee benefit plans, and sought more of an opportunity very long, drawn-out, thoughtful process,” particularly since
to innovate. Still based in Omaha, Mann is now the owner of he enjoyed working at his CPA firm.
Kelly Mann CPA LLC and AuditMiner, a software company and
tool that helps accounting firms streamline and standardize Today, Selvig is glad to be working in the family business.
their 401(k) audits. “You just realize life can be short,” he said.

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