A friend of mine has an enviable goal of growing his 15-person practice fourfold over the next 10 years. He has a plan and is using that as a roadmap to help get him there. It also seems he is on target. However he recently expressed regrets that he did not have time to learn new skills to add to his practice since he is “bogged down” running his business. This leads to the question of what role he really wants. He is a sole practitioner and right now has no staff able to be promoted to partnership.
I believe running a business is an important role and, for a practice to be elevated into a business, it needs someone at the helm to steer that ship. I could make a credible argument that a 10-person firm that wants to grow into a substantial business should have a dedicated person to run that business, i.e., a managing partner or CEO. However, I firmly believe that a 100-person firm should definitely have a dedicated CEO. So this leaves a gap.