Succession Planning

Whether you are a multi-partner firm or a sole practitioner, succession planning is a critical factor for all size firms. According to the AICPA 2016 succession survey, 35% of the current owners of CPA firms will be seeking a transition away from working full time over the next five years alone!

If you are like most firms wherein an owner may only be physically in the same room with their clients once a year and if you are three years from slowing down, sounds like plenty of time but in reality that isn't three years, it is three visits!

Most firms in this country have partner loyal clients, not brand loyal. Thus a strong transition plan to bring your successor into the circle of trust you have created with your clients is critical and takes time. This is true whether or not your succession plan involves an external firm or the succession plan is an internal one. The biggest mistake practitioners tend to make relating to their succession is not planning it far enough in advance.

How do you value your firm when selling externally? How do partners buy out partners? There are also many alternative deal structures you can utilize, including our proprietary "Two Stage Deal" which enables owners to maintain their income, control and reasonable autonomy all while conducting a strong transition. 

We invite you to read some of our articles to gain a better understanding of our philosophies - or, better yet, set up a free, non-obligatory, confidential call with our team of experts to discuss your situation.