Are You Prepared For Your Succession Plan?
Succession planning is not a spectator sport. When it comes to succession planning for a small business, CPAs make it their job to counsel clients on the pitfalls of leaving their business and personal futures to change - planning is one of the sound fundamentals on which success is built. Good advice, but CPA firms themselves reveal that they are not preparing sufficiently for their own futures. Succession planning and building a strategy for the future transition of the leadership/ownership of the firm rates very high on the scale of importance, with 94% of survey participatns saying it is important or very important. But how many have plans?
SUCCESSION PLANNING STUDY
Reconsider your point of view with KPMG's report on the state of CPA firm succession planning. Highlights in this full report include many additional insights. Here are just a few:
- The top obstacle to succession planning was finding the time for the process.
- Communication skills were cited as the most important factor in recruiting for a firm and the top characteristic to the success of a leader.
- Almost all firms consider internal succession the best option for transition of ownership and about half would also look at a merger or buyout as an option.
- Key factors in assessing conditions for a successful merger/sale/acquisition were culture fit and client/service strategy.
Revenue Growth Case Study of Building Success
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4-Year Client Retention Has Gone From 65% to 85%
Established "Financial Planning Days"
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Accounting & Financial Services Revenue Increased 560% Over 55 Monthsw
Firm Named "Best Accounting Firm" in Local Newspaper