Succession planning

If your CPA firm doesn't have an ownership agreement in place, it desperately needs one.

There will be fewer future buyers of practices, leaving the next generation of solos who want to retire perhaps unable to find a suitable buyer.

Regardless of whether they have reached retirement age, owners must identify the “why” of exiting their business as a first step. Transitions are often entwined with personal relationships, finances and emotions.

Don’t wait for a succession plan; ID.me looms; what the CBO sees for the next decade; and other highlights from our favorite tax bloggers.

Two professionals from Andrea & Orendorff in Kenosha, Wisconsin share their perspectives on how to realign your client base to prepare for succession.

As you counsel your clients about the importance of business transition planning, are you also creating a strategy for your own optimized exit?

Accountants who guide business owners through the exit-planning process can not only deepen their relationships, but also create new revenue streams.

If your firm is a more pleasant place to work, succession often takes care of itself. If you don’t like working there, no one else will.

Cindy Adams, who has served as ISCPA CEO since 2012 and as a member for 40 years, will step down this October.

Ernst & Young elected Julie Boland as EY US chair, as well as managing partner and Americas area managing partner, effective July 1.

The Cleveland-based Top 10 Firm has appointed Andrew Gragnani as its new president, succeeding Andy Burczyk, who is retiring.

Todd Shapiro, longtime president and CEO of the ICPAS, said Wednesday he intends to retire in February 2023.

Weaver merged in PJ; Marcum added BWTP; Somerset acquired an Acumatica practice; Louis Plung is merging in LSB; and Goering & Granatino added Jeff Katz.

The Top Eight Firm has named the leader of the firm’s consulting practice, Brian Becker, as its next MP and CEO.

Oak Street Funding, a First Financial Bank company that specializes in loans to CPAs, said it is doubling the lending limit for customers to support mergers and acquisitions, successions, technology investments and growth-focused initiatives at firms.

Even with no desire to sell or end the business, planning can present a way the owner could exit on their own terms.

Joanne Barry, who has served as CEO and executive director of the NYSSCPA since January 2010, will step down in May 2022.

Revenue from advisory services made up 39% of fees, accounting and auditing fees comprised 35%, and tax services accounted for 26% of revenue.