015 - How do You Define a Partner

The original interpretation of a “Partner” in a business is literally a “business partner”, also called as an active co-owner.   An active business owner is in many cases an entrepreneur too. 

An Entrepreneur is defined as a person who organizes and operates a business, assuming greater than normal financial risk in the process.

In most professional services firms, such as accountants,attorneys, advisors, etc. partners are shareholders, but in some cases there are “salaried partners”, who do not own shares. Typically “salaried status is an overture to full partnership, however.

Listen to this episode to find out about partners in professional service firms that are partners in name only and how a real partner should be defined and selected to make these firms more entrepreneurial and dynamically growing.  (Hint: real partnership requires hassling and bringing in the bacon.)

Your Succession is Success.