Succession Planning

According to the AICPA's 2012 Private Companies Practice Section (PCPS) Succession Survey, 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

  • Managing the Fears of Practice Transition

    A successful firm transition requires many factors to align properly. The transition plan will usually focus on finances and terms, but not so much on human factors – chief among them being fear. If you’re a firm owner considering a merger/sale or acquisition, some level of fear is a normal emotion and, in fact, crosses both sides of the table.
  • Five Factors for the Successful Buyer

    The number of firms in merger and acquisition (M&A) conversations is growing at an accelerated pace with no signs of slowing. In fact, the AICPA predicts that in less than 10 years, 75 percent of all current accounting firm partners will be retired. Succession planning and the quest for market share growth are two of several factors that are fueling the M&A momentum.
  • Making Internal Succession a Reality

    When it comes to finally leaving their practice, many CPA firm owners would be thrilled to transfer ownership and control of the firm to a person or persons they work with rather than to an outside party. Selling your firm, or the interests in your firm, is no different than selling any other product: you need to have something the buyer wants, price it properly, understand the mentality of your customer, and be aware of the competition.
  • Exit Strategies for Owners of CPA Firms

    A summer 2015 Pennsylvania CPA Journal feature exploring the options available to CPA firm owners looking to pass along ownership and head into retirement.

CPA Now Blog

  • Expert Offers Tips on Exit Planning

    Exit planning is a forward-thinking strategy that should be established well in advance to ensure comfort for yourself and your clients, whose businesses depend on your unbroken service and attention. Hear more from Charles R. Kedra, CFP, AIF, CEPA, senior partner and director of business advisory services with Legacy Planning Partners.
  • Is Your Succession Plan Destined to Succeed?

    Do you have a succession plan in place? If you are a sole proprietor or a local CPA firm, the answer is “no” more often than not. Less than 10 percent of sole proprietors have a practice continuation agreement in place. You can fix that.
  • Three Critical Decisions that Helped My Practice Grow

    When I first started my own accounting firm, my primary concern was how and when I would obtain clients. What I did not focus on at the time was how many other extremely important decisions would have to be made. I’ve identified three factors that enabled my firm to grow along with the client base.

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.

PICPA TV

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
Related Professional Education
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.

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