Set a high bar for successors
A collection of practical tips for finding and introducing an effective successor for your accounting firm. The author stresses the need to have a consensus among the stakeholders, a clear vision for the firm after closing, and management of the new client base.
Succession at every level
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.
Technical debt: is your firm underwater?
A look at the broad business and technological implications of technical debt for accounting firms and their clients. The article includes questions to ask about the current state of the firm's technology, the impact of technical debt on mergers and acquisitions, and some steps that firms can take to manage technical debt.
Time to start planning your exit
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.
Articles and books in the Library collection
Succession planning in the independent firm
(Wolters Kluwer, 2007)
This Accountants Digest examines how to go about orderly retirement and planned succession.
Economia, Dec 2014
Highlights the issues you need to think about when retiring from your accounting practice. Includes the questions: when are you planning to retire? Are multiple exit strategies on your list of possibilities? How many of your partners or principals are planning to retire in the next few years?
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