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| Introduction | |
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| Acknowledgments | |
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| Structuring an Ensemble | |
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| The Ensemble Defined | |
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| The Ensemble Concept | |
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| Ensemble Demographics | |
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| Ensembles Are More Profitable and Valuable | |
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| Clients Prefer Ensembles | |
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| Should Everyone Be an Ensemble? | |
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| What's Next and Who Should Read on | |
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| Notes | |
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| The Ensemble Structure | |
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| The Service Advisor Model-Leverage | |
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| The Emerging Partnerships-Sharing | |
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| The "True" Ensembles-Leverage and Sharing Combined | |
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| The Super-Ensemble Firms | |
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| When Large Becomes Too Large | |
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| Notes | |
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| Growing into an Ensemble | |
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| The Right Time to Hire | |
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| Whom Can You Hire? | |
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| Structuring Client Service | |
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| Service Advisors and Client Relationships | |
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| The Hiring Process | |
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| The Selling Question | |
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| The Equity Question | |
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| Making the Decision | |
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| Notes | |
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| Merging Together | |
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| Your Shared Strategy | |
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| Your Shared Values | |
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| The Data | |
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| The Business Plan | |
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| Partner Roles and Compensation | |
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| The Deal | |
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| Mergers of Not So Equals | |
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| The Deals after the Deal | |
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| Owner Rights | |
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| Making Decisions as Partners | |
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| Buy-Sell Agreements, Retirements, and Breaking Up | |
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| Communicating the Deal to Clients and Employees | |
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| Notes | |
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| From Silo to Ensemble | |
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| Creating a Shared Bottom Line | |
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| The "Mine, Yours, and Ours" Model | |
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| Assign Management Responsibilities | |
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| Share Client Meetings | |
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| The Prenup | |
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| Change Your Thinking | |
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| Note | |
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| Partner Responsibilities and Partner Compensation | |
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| Labor versus Equity | |
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| Using Profit Centers or Silos | |
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| Setting Owner Base Compensation | |
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| The Role of Equity Ownership in Income | |
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| Discretionary Expenses and Perks | |
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| Partner Compensation Discussion Worksheet | |
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| Managing an Ensemble | |
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| Creating Ensemble Culture | |
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| Establishing Priorities and Values | |
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| Customers-Service as Culture | |
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| How We Deal with Each Other | |
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| Who Owns the Client? | |
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| Mom and Dad | |
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| Tribes | |
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| Manage Yourself | |
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| Notes | |
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| Making Partner | |
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| When Can You Add a Partner? | |
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| Whom Do You Want as a Partner? | |
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| How Do They Buy-In? | |
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| Alternatives to Full Partnership | |
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| Why Do You Promote Partners? | |
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| Notes | |
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| The Big Idea | |
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| Four Stages of Growth | |
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| Steps to Institutionalizing | |
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| Notes | |
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| Managing Professional Compensation | |
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| Compensation Philosophy | |
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| Setting Salaries | |
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| Payout-Based Compensation | |
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| Incentive Compensation | |
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| Benefits | |
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| Compensation Management Process | |
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| The Bottom Line | |
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| The Owners' Personal Income and Income Bogey | |
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| The Income Statement | |
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| Managing Engagement Economics | |
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| Unit Economics | |
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| Managing Staffing Cost and Productivity | |
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| Overhead Management | |
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| Key Ratios on Your Dashboard | |
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| Budgeting and Financial Management Discipline | |
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| Notes | |
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| The Devil in the Details | |
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| Agreement on Service Process | |
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| Investment Committee | |
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| Leadership in Operations | |
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| Customization and Efficiency | |
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| Technology Selection | |
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| Quality Control and Risk Management | |
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| Vendor and Strategic Partner Choices | |
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| What Happens Next | |
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| Recipes for Failure | |
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| How to Fight with Your Partner | |
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| Losing Control of Your Own Firm | |
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| Agree to Disagree-aka Avoiding Difficult Decisions | |
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| The Porch of Indecision | |
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| People Who Don't Develop | |
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| Protecting Your Ensemble | |
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| Note | |
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| Doing Deals | |
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| Equity Planning for Ensembles | |
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| Consolidation Deals | |
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| Other Acquirers | |
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| Finding Your Deal | |
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| Note | |
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| The Future Belongs to Ensembles | |
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| About the Author | |
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| Index | |