The Conundrum of Balancing Ownership and Contribution

One of the most difficult issues in managing an advisory firm is establishing a fair balance in rewarding those who own a firm and those who contribute to its growth. In the short term, equity and the work contribution don’t have to be aligned, but in the long term they probably should be.

How Much to Pay for a Client?

Many firms consider incentive compensation for business development. The carrots are there, but the bunnies don’t seem to be running. That warrants a discussion about whether the carrots work in the first place, and how bonuses ought to be structured.

Find Your Inner Bad Guy

Time and again I work with firm owners who are reluctant to be “the bad guy” and deliver the tough advice to their employees or mentees that they aren’t doing as well as they should be. If you want your colleagues to develop into successful professionals, you have the obligation as a mentor to help them recognize and fix their weaknesses.

Millennials and Careers

Firms are dreading the arrival of their first millennial employee. But beyond stereotypes, millennials can bring energy and ambition, and help define and refine a firm’s sense of purpose.

Stop With The Phony Slogans

Firms spend an enormous amount of time crafting vision statements, statements of values and “reasons why.” The result is bland sentences that offer no insights about the actual direction of a firm, the behavior of its people or the quality of the decisions they make.