Practice succession

ICAEW resources

Exclusive Arrangements for alternates - guidance for alternates

Helpsheets and support
Jun 2023

Technical helpsheet issued to help ICAEW members consider the practical implications on accepting an appointment as a sole principals alternate.

Exclusive Arrangements for alternates - guidance for sole principals

Helpsheets and support
Jun 2023

Technical helpsheet issued to help ICAEW members consider the practical implications for sole principals in selecting and appointing an alternate.

Exclusive Closing your practice

Helpsheets and support
Nov 2023

Technical helpsheet issued to help ICAEW members consider the practical and ethical implications of ceasing to practice; be it retiring from practice or closing your practice.

Exclusive Retiring from practice

Helpsheets and support
Jun 2023

Technical helpsheet issued to help ICAEW members consider the practical and ethical implications of ceasing to practice; be it retiring from practice or closing your practice.

Succession planning

Hub page
Dec 2021

Learn about exit strategies and getting the timing right with our selection of articles, books, links and guides.

Exit routes from practice

Webinar
Jul 2023

If you are thinking of exiting practice in the next few years planning is essential. Whether you are aiming to ensure a successful sale or want to understand the regulatory requirements of retiring, this event explores your key considerations.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Deciding your exit strategy

eBook chapter
2018
Della Hudson

A chapter on how to eventually retire from your accountancy practice, in this book designed to help a qualified professional to start a successful business from scratch with no personal or business contacts.

Terms of use

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

More eBooks

Bloomsbury Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.

Exclusive Succession planning and passing on the family or owner-managed company

eBook chapter
2023
Peter Rayney
Tax Planning for Family and Owner-managed Companies

Tax planning advice for passing a family or owner-managed company on to the next generation or selling to a third party, written for anyone who advises or runs one.

Terms of use

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

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Online articles

The ICAEW Library & Information Service provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Exclusive Preparing your firm for your death or disability

Article
01 Sep 2023
Edward Mendlowitz

Advice on creating a Practice Continuation Agreement (PCA) with another firm. The PCA is an agreement by a practitioner with a firm who would acquire their practice upon their death or would service their clients if they needed time to recover from a temporary disability. The article covers how to choose a PCA partner, how to prepare before approaching them and ways to structure payment under a PCA.

Exclusive Making succession planning effortless

Article
01 May 2022
Brannon Poe

An accounting firm broker discusses how to create a firm which is in a good place for succession planning and staff retention. Tips include: focus your service offerings, be selective about your clients, hire staff to fit your firm culture and price your services appropriately.

Exclusive Succession planning: A case study

Article
01 Jun 2019
Denis Ryan

Former practice owner Denis Ryan discusses the process of ensuring successful practice succession from his general accountancy, taxation and audit practice in Ireland. He describes how he gradually reduced his hours over a four-year timescale, giving his clients time to become comfortable with his planned successors at the firm. In his view a clear and unambiguous exit is crucial for a successful transition.

Exclusive Set a high bar for successors

Article
01 Jul 2018
Ira S. Rosenbloom

A collection of practical tips for finding and introducing an effective successor for your accounting firm.

Exclusive Succession at every level

Article
01 May 2017
Sean McCabe

Appointing your own successor is not sufficient. This article discusses the importance of having a broader succession plan, particularly for small and medium-sized firms. It also describes the key elements of any good succession plan.

Exclusive Firms reinvent succession planning as baby boomers prepare to retire

Article
01 May 2017

The article discusses succession planning initiatives with reference to real-life examples. Topics include shaping the transition process to ensure client retention, career assessment, and assisting managers considered for full partner positions.

Exclusive Time to start planning your exit

Article
01 Dec 2015
Sean McCabe

Partners at larger accountancy firms shouldn't wait until the last minute to plan their retirement. Consider your retirement goals and have a long-term plan in place to develop replacement talent.

Exclusive The small practitioner's guide to retirement

Article
01 Nov 2015
Sean McCabe

Strategies and tactics to help sole practitioners and small accountancy firms with succession planning for their golden years.

Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a collection of articles, books and model documents that can support your work. Use the links below to see what we have available to request in our Library catalogue (Libcat).

CPA firm mergers and acquisitions: how to buy a firm, how to sell a firm, and how to make the best deal

Library book
2014
J.L.Sinkin
AICPA

This book aims to 'demonstrate how you can arrive at a reasonable deal in which retiring partners are paid a satisfying price for the practice they've built, remaining partners make more than they did before, and new owners take on a practice that is poised for continuing success and potential growth'. Written from a US perspective.

Beyond the days of giants: solving the crisis of growth and succession in today's CPA firms

Library book
2014
P.D.Fisher
CRC Press

This book gives step-by-step guidance on getting the next generation of accountants engaged and creating a growth culture within accountancy firms. Written from a US perspective.

Find more articles and books

View a list of articles and books in our collection on practice succession

Useful links

What is succession planning? 7 steps to success

Website
Robert Half

Recruitment firm Robert Half covers seven basic steps to follow when you are succession planning.

Succession planning (CIPD)

Website
CIPD

This factsheet from the Chartered Institute of Personnel and Development looks at the background to succession planning, the main features of modern succession planning and the role of HR.

Guide to Practice Management for Small- and Medium-Sized Practices

Website
IFAC

Good practice guidance prepared by the Small and medium practices committee of the International Federation of Accountants (IFAC). Includes modules on managing staff, client relationship management and succession planning, with checklists covering the sale of a firm and the sale of fee-parcels. Available to download in PDF format.

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