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LEARNING RESOURCES
FINANCIAL REPORTING

AICPA & CIMA Women’s Global Leadership
Summit ‘Understand the
Nov. 8–10, Miami and online
Come and join hundreds of accounting and finance financial stability
professionals who are committed to creating an
inclusive and equal profession, just like you.
of the firm. How
CONFERENCE
is it positioned for

Owning Your Leadership: Building the future? Are
Extraordinary Relationships Beginning With
Self
Gain a deeper understanding of the leadership [leaders] making
and relationship skills you’ll need to be an effective
leader from any position — it starts with managing
self. the decision
CPE SELF-STUDY
based on the

For more information or to make a purchase, go to aicpa.org/cpe-learning
[Data for chart, numbers are in millions]
or call the Institute at 888-777-7077. firm or based on

individuals? Ask a

or director. “That’s a great place to share ideas for lot of questions.’
particularly if you are already a nonequity partner

the future and see how the partners will respond,”
she added. F. Carter Heim, CPA/CFF, CGMA, co-founder and
former CEO, HeimLantz
Conduct due diligence
Once you are offered an equity partnership,
it’s imperative you know everything about the Determine if you want to be in business with
firm, evaluating its books and decision-making the partners, your peers, or even those below you
processes, its assets and liabilities, Maksymiw in rank. A partnership “is a long-term marriage
said. He likened the partnership decision to buy- arrangement,” Maksymiw said. “If you’re not
ing a business. “Would you sign a deal to buy a aligned with those people on the direction of the
business before you knew of its finances?” he said. firm, being a partner could be very difficult.”
Also, Heim said, “Understand the financial
stability of the firm. How is it positioned for the Evaluate morale and retention
future? Are [leaders] making the decision based Observe the general morale at the firm and whether
on the firm or based on individuals? Ask a lot of your firm is retaining employees or losing them. If
questions.” retention is an issue, that could negatively affect you
as an owner.
Assess relationships and the firm
Ask yourself questions about the organization Seek advice
and its people, McKoy suggested: “Is this firm Consult other CPAs — both mentors and part-
somewhere you want to call ‘home’ for the rest ners — who can help you navigate this process.
of your career? Do [colleagues’] values embody “Talk with people who have been partners in the
the values that you have? Does your view on the firm and ask about their experiences,” Brewer
world and the profession align with their views?” said. ■

24 | Journal of Accountancy August 2022