In its strategic discussions, the NCACPA Board of Directors has spoken at length regarding the need for education around firm succession planning. As this need has been expressed by many members of the Association, the Board created a Succession Planning Task Force to implement education in this area.
Beginning September 2019 through January 2020, succession planning tools and tips will be added to this page—be sure to add a bookmark! Be on the lookout for NCACPA emails promoting and sharing these tools over the next several months. We want you to feel empowered to protect both your clients and the value of your firm.
Most large firms have succession planning built into their firm-operating agreements. Those firms still face succession challenges, such as building the next generation of future leaders, but typically have formalized, logistical plans for succession in place. On the other hand, several smaller firms, and in particular sole practitioners, may not yet have addressed their succession planning matters.
Ask yourself the following questions:
If you can’t come to the office next Monday who will take care of your clients’ needs?
How much value will your firm lose if the succession planning process is not handled in an orderly manner?
The truth is, every business owner—including every CPA—will face a succession event one day. As a task force, we hope our resources will encourage you to address succession planning in a proactive way to prevent firms and CPAs from being faced with emergency succession planning.