Succession Planning

According to the AICPA, only 46 percent of multi-owner firms and 6 percent of sole practitioners have written a succession plan. 

A succession plan for your business means a better financial proposition and reduced emotional stress for you, your partners, and your family. The following insights will help you prepare.

Pennsylvania CPA Journal

  • In an M&A Deal, Buyers Often Have a Succession Plan Too

    There is one part of the M&A equation that is important to note: succession is not unique to one side of the table. Buyers, too, have succession issues that impact their approach to M&A. Here are four general succession concerns that often guide buyer-side decisions.
  • Section 382(h) Proposed Regs Throw Taxpayers a Curveball

    On Sept. 9, 2019, the U.S. Treasury and IRS issued proposed regulations under IRC Section 382(h) pertaining to the interaction between built-in gains or losses with Section 382 limitations. Treasury believes the proposed regulations will simplify the application of Section 382, provide needed clarification to taxpayers in determining built-in gains and losses, and address other issues relating to Section 382 that were created as a result of tax reform (the Tax Cuts and Jobs Act of 2017). Taxpayers are not as optimistic about these recent developments, and for good reason.
  • Generation Transfers: Five Questions to Ask Beforehand

    For too many business owners or operators, succession planning takes a back seat to day-to-day operations and short-term goals. For family businesses, succession planning involves additional stresses, such as deciding which relatives will actively participate in the business, what their roles and responsibilities will be, and how much the owner will be compensated.
  • Practice Integration Imperatives

    Negotiating the terms for a CPA practice transfer or merger is the most important step in setting the stage for a successful transaction. Nearly as important, but often overlooked, is having a well-designed integration plan.
  • Four Common Pushbacks in CPA Firm Mergers

    Often, a CPA firm will start very comfortable conversations with another firm about doing a merger deal or an acquisition. Then, despite early good vibes, pushback is often encountered. Pushback is not rare, but if you don’t handle the issues of concern promptly and comprehensively, getting the deal done will become much harder.

CPA Now Blog

  • COVID-19 Stifles Middle Market Private Equity Dealmaking

    Middle market private equity deals and fundraising activity slowed through the second quarter of 2020 as the pandemic continued to ravage businesses. And there is a troubling sign of what may be an ongoing M&A trend through the rest of the year.
  • Never Take a Practice Merger Off the Table

    About 20% of all CPAs who have the ability to decide when and if they will retire will simply choose “turn out the lights” as their exit strategy. There are better options. Consider a merger for your firm as a succession plan.
  • Use the Busy Tax Season to Test Succession and Transition Viability

    Successfully transitioning a CPA firm is predominantly about leadership skills and control. That’s why busy season—a time when resources are pushed to their limits—is the perfect time to determine whether or not you have the right team to perpetuate your practice.

Journal of Accountancy

Navigating the Path to Success in Accounting Practice Sales

Harry L. Olson, CPA, advises that knowing how to avoid major hazards when seeking a buyer can make all the difference between a profitable conclusion and a disastrous outcome.


Key Succession Planning Tips for Small CPA Firms
Key Succession Planning Tips for Large CPA Firms
How to Value an Accounting Firm in the Succession Planning Process
CPA Conversations

Important Phrases to Listen for during M&A Conversations

When you’re talking to another party about a merger or acquisition, there are going to be things you want to hear and things that make you hesitant should they come out of your counterpart’s mouth.

Listen In

Transition Advisors:
Merger Acquisition Transition Succession f

PICPA members are eligible for a free consultation with Transition Advisors LLC, one of the country’s leading consultants on succession, M&A and partnership issues.

Learn More