Me and Dad Showing off the Retirement Cake

Me and Dad and Mom

My Dad officially retired from our CPA firm on May 1st and I already miss him.  He was the founder of the firm and my partner for the last 6 years.

He taught me a lot.  One thing I remember was his lessons in partnership.  Not everyone could go into business with their Dad, but my Dad led the way in a solid, safe partnership in these (and so many other) ways.  Hopefully you can apply my Dad’s wisdom to your partnership:

1.  He told me I was going to run the firm, and I would enjoy the benefits of that, and would also bear the burdens that came from that position.  I didn’t realize there were so many (but he did)…

2.  He would not interfere when I was making decisions.

3.  And he wouldn’t rub poor decisions in my face (… and he didn’t).

4.  It’s hard to have “two chiefs” in a business.  There needs to be a final decision-maker.  That was me (…again, with the good and bad).

5.  Spend a lot of time discussing the partnership BEFORE going into partnership, not AFTER you become partners (I often suggest a year now to our clients).

6.  He would always be available for advice when I needed it (and I was always asking for advice).

7.  Know when to stop growing your business, and when to focus on serving the clients you’ve got.

8.  Know when to focus on growing your business, and let others focus on serving the clients you’ve got (the art of delegation).

Jason and Jennifer Blumer, Phil and Cathy Lovell (Cathy is Dad's replacement, and our Tax Manager), My Mom and Dad, Lisa Hope, our Firm Administrator, Phil and Stephanie Kuchle (Steph is a CPA with our firm and works on various projects and during tax season)

Jason and Jennifer Blumer, Phil and Cathy Lovell (Cathy is Dad's replacement, and our Tax Manager), My Mom and Dad, Lisa Hope, our Firm Administrator, Phil and Stephanie Kuchle (Steph is a CPA with our firm and works on various projects and during tax season)

 

The Staff and their Spouses Eating Dinner at my House

Everyone Stuffing Their Faces

Generational family partnerships can be rough, but mine is full of great memories.  I thank God that He gave me the gift of serving some of the greatest clients in the world… with my Dad.  I love you, Dad, and I’ll forever cherish the memories and hard times we went through together.  They’ve made me who I am… hopefully someone that can bring value to my clients… just like my Dad.

Jason Talking (as usual)

Jason Talking (as usual)

 photos in this post by Will Swett

Any other thoughts on partnership?  Anything I left out?  Leave them in the comments.

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