PICPA

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.

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Pennsylvania CPA Journal

  • Putting All the Ducks in a Row: Advising Clients on Selling a Business

    The commercial landscape is on the cusp of a seismic generational shift, with about two-thirds of U.S. businesses expected to change hands within the next decade. As baby-boomer entrepreneurs move toward retirement, many will look to transfer both their ownership interests and management roles in their companies.

  • IRC 355: Understanding the Basics of a Tax-Free Spin-off

    One disadvantage of forming a Subchapter C corporation is the unfortunate reality of “double taxation.” The first level of taxation occurs when the business pays corporate income taxes on its profits. The second level occurs when the previously taxed profits are distributed to shareholders as dividends. Even if the corporation does not have sufficient cash flow and decides to distribute property that has appreciated in value to its shareholders, the tax is typically unavoidable.

  • Important Phrases to Listen for during Preliminary M&A Conversations

    When two interested CPA firms delve into serious conversations about merging or combining, they often spend a lot of time negotiating the economics of a transaction, the compatibility of financial policies, and the parameters of control and authority. While those topics are very important, the equally important integration, transition, and service platform unfortunately are poorly addressed ahead of closing.

  • Building a Core Competency in Mergers and Acquisitions

    At many middle-market companies, mergers and acquisitions (M&A) are few and far between. But if your company’s strategy includes growth by acquisition, M&A needs to be a core competency. Fortunately, this does not require staffing a large internal transaction group.

  • 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.

CPA Now Blog

  • 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.

  • Planning for Retirement – A CPA’s Personal Perspective

    Retirement is a topic each of us must wrestle with personally at some point. If you are an owner, part owner, or partner in a business, perhaps the single most important step before retirement is to have a succession plan.

  • 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.

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
In This Section
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.

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