New Partnership

Memo to Wilson, Higgins, and Poncelet, LLC

As you embark upon your new partnership, it is critical to determine profit allocation at the onset to manage the expectations of all three partners and promote growth of the firm. First and foremost, it is critical to determine what percentage of profits will be allocated to an incentive pool, and what percentage will be reinvested into the business. After consensus on this point, there are several mechanisms by which you can pay out the funds in the incentive pool. Here, I propose the following two options, both of which are based upon a pay for performance paradigm.

One of the most effective ways to reward partner performance is the use of a scorecard system. Because each of you is contributing some

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