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Practice Made Perfect 16

Practice Made Perfect 16 is the ideal opportunity to spend quality time with the best financial-advisory business consultants in the country. You get tips, tools, and worksheets to ensure that you can manage your practice to become the business success you want it to be. This book will be your new best friend—guaranteed | 128 Practice Made Perfect Consider these questions What are the thresholds to become a partner What are the qualities financial and nonfinancial the firm is looking for in a partner When can the firm afford to add a partner without diluting the income of current partners What kind of partners will create value in the organization as opposed to diluting it What is the value of ownership How much ownership will be shared Are the other partners willing to share control Are there structures in place to compensate and evaluate partners consistently Figure 7.3 at right and continuing summarizes several equity compensation plans. Owner s Compensation If you re an owner and actively working in your business which most advisory firm owners do then this entire compensation discussion applies to you too. Owners of advisory firms should be compensated like any other person for their role as employees of the business base compensation for the job they do and incentive compensation for exceeding expectations. And they should be held to the same performance expectations and evaluation process as any employee doing the same job. The third component of compensation ownership distribution is the piece that distinguishes owners from others who do the same job. This piece of compensation rewards the owners for the risk inherent in running a small business and should be evaluated against returns for other investments of similar risk. Essentially each owner should be paid Base compensation Market-rate compensation for the job he or she does Incentive pay Compensation for exceeding the expectations of the job The Payoff for the Firm Compensation Planning 129 Ownership distribution Return on his or her investment in the business This practice not only enforces some discipline in the firm by having the owners paid and evaluated by the same measures as the others in the same job it also allows the owners to effectively evaluate their own return on investment. It allows the firm to define .