Fail to plan = Plan to fail. The importance of succession planning

Fail to plan = Plan to fail. The importance of succession planning


In the next 10 years, the numbers of accountants that are selling their business are more likely to exceed the available buyers. Which would increase the need for strategic series planning within the line of work.
This situation occurs from the main ownership of accounting practices by baby-boomers, plus the changing work of accounting professionals and shifting social trends.
Many of the accounting firms owners are over the age of 50. A higher number of newcomers will come onto the market over the next 10 years.
The younger generation of accountant professionals will be more focus on achieving a spot in the firm. This doesn’t mean that they will want to be part of the ownership.
A series planning is more important than ever, especially if you represent a large part of the firm. If the planning is not managed well, it could force many people...