Succession Planning Resource Center

Source: Texas Society of CPAs, Public Practice

The AICPA has created the Succession Planning Resource Center for members of the Private Companies Practice Section. It provides small- to medium-sized firms with resources to plan for succession. Visit http://pcps.aicpa.org/Resources/Succession+Planning/.

The 2008 PCPS Succession Survey confirmed previous research indicating insufficient management depth, which is likely to result in a buyer's market for acquisition of CPA firms. The survey results provide information on succession planning strategies of accounting firms. The survey is available at http://pcps.aicpa.org/NR/rdonlyres/504128B1-3CED-4E7A-85E1-CE20465C44CA/0/2008_PCPS_Succession_Research_Report.pdf.

An interesting trend revealed in the survey is that CPA firms are increasingly adopting policies that may diminish payments to retired partners. Almost one-third of firms in the survey will reduce payouts to partners whose clients leave or who compete with the firm after retirement.

From Texas Society of CPAs, Public Practice, August 2008 (www.tscpa.org).

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