AICPA launches succession planning center
AICPA launched an online Succession Planning Resource Center to help small and mid-sized firms determine how to manage their firm in the future.
According to AICPA’s Private Companies Practice Section succession survey, 56% of small- to medium-sized CPA firms do not have a written succession plan. The survey also revealed:
- 67% of multi-owner firms and 50%+ of sole proprietors believe succession planning will be a significant issue for them in the near future
- 35% of multi-owner firms and 9% of sole-owner firms have a written succession plan
- 27% of the multi-owner firms were not training anyone for leadership roles
- 63% expect at least one owner to retire within the next five years
- 29% of sole proprietors have no one to develop as successors
The Center provides a variety of succession scenarios that practitioners can work through, including:
- Selling the firm
- Merging the firm (both downstream and upstream mergers)
- Developing new leadership
- Transitioning issues associated with retiring partners
- Value of the firm
- Turning off the lights as a succession strategy
Visit the Succession Planning Resource Center.
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LAST UPDATED 6/27/2008