Practice succession planning

All accounting firms eventually face a succession issue. It may be a sole practitioner contemplating his or her retirement, or a partnership facing the retirement of one or more partners. Similar issues are sometimes triggered by disability, illness or unplanned for death of a partner.

This practice succession planning service includes the following:

• Assessing the firm’s ability to survive a succession event

• Identifying issues related to the departure of particular individuals

• Negotiating succession arrangements

• Developing specific succession strategies

Sample succession issues:

• Unworkable partnership age profile

• Transitioning / retaining client relationships

• Funding payouts

• Timing uncertainties