Census,
Do you like judo ? If so, I think I know your practice.
- Be wary of strong characters/personalities. Its a two-way street; they expect to gain as well by admitting you to partnership.
- If there are a number of companies involved i.e. one for the accounts, one for the tax and (say) a partnership for the audit activity - what are you buying into exactly ? All of them ? Hopefully not just one.
- How are the fees divvied up ? Are they 'streamed' through the other companies first - a management charge of sorts ? How can you ensure a fair apportionment ? Is this apportionement before or after salaries for the other partners?
- Are you only buying into one company ? Say it were the tax company, is there room for growth there ? Or could you be merely refunding the company your salary ?
- If you wanted to exit, how would that happen ? Painlessly ? Can you see the other partners doing this painlessly?
I was close to such a deal and had to walk away. Being a partner is what most young accountants aspire to - just make sure you don't get carried away.