number of Baby Boomer CPA firm own-
ers will reach retirement age, yet
according to the 2008 American
Institute of Certified Public Accountants
(AICPA) Private Companies Practice
Section (PCPS) Succession Survey,
only 35 percent of multi-owner firms and
nine percent of sole proprietor firms
have planned for their firm succession.
that only 30 percent of the 117 firms
participating in the survey from the
New England states had a succession
plan in place.
scious effort by the owners of the firm
to develop steps to transfer control
with minimal disruption to the remain-
ing members of the firm and while
maintaining continuity of service to the
clients. Common succession models
c. Selling the firm to an outsider, and
d. Closing the doors and walking away.
type of firm and the needs of the retiree.
develop a timeline for succession plan-
ning. The earlier the leader addresses
succession planning, the more options
and opportunities will be within reach.
Set the desired retirement date and
work backwards. As the plan develops,
adding intermediate action steps will
help keep the plan on track.
the firm's strengths and weaknesses?
What industries does the firm service?
What are its areas of expertise? Are
the staff resources properly trained or
underutilized? Are the fees appropriate