Vol. 7 No. 4, April 2015
The Leadership Forum is a panel of the most prominent thought leaders in the profession. Each month we ask them to respond to a question dealing with CPA firm management and leadership.
This month's question is:
What do you think of mandatory retirement?
Consultants and Other Prominent Observers
| August Aquila | AQUILA Global Advisors, LLC | www.aquilaadvisors.com [email protected] |
| I think you need to define what the firm means by retirement. Many firms that have a mandatory retirement plan simply expect the partner to step down from the ownership ranks and not necessarily be forced to leave the firm. The important element in any retirement plan is... More | ||
| William Carlino | Transition Advisors | www.transitionadvisors.com [email protected] |
| Mandatory retirement is a double edged sword. Proponents of having a stipulated retirement age maintain that it helps better cultivate potential partners who know that they will get an opportunity to become equity owners... More | ||
| Rita Keller | Keller Advisors, LLC | www.ritakeller.com [email protected] |
| ...As partners reach retirement age and want to continue to work, establish a one-year contract that states they will be employed for one year. The one-year contract is renewable every year ... More | ||
| Terrence Putney | Transition Advisors LLC | www.transitionadvisors.com [email protected] |
| It is first important to define what "mandatory retirement" means. In most owner agreements this is the age at which an owner is required to relinquish their equity in the firm and start the buyout or retirement payment process... More | ||
| Marc Rosenberg | The Rosenberg Associates | www.rosenbergassoc.com [email protected] |
| ...The vast majority have a related provision: If a partner wishes to continue working past 65, this is subject to annual approval by the other partners. If approved, the partner gives up her equity, delays receipt of retirement benefits until a proper notice and client transition takes place and understands that the firm decides what the partner works on and how much she works... More | ||
| Joel Sinkin | Transition Advisors LLC | www.transitionadvisors.com [email protected] |
| I have very mixed feelings about this topic. At a time where we have a talent shortage and an era where "today's 65 is yesterday's 55", we are telling some of our best professionals that you must retire at a certain age which seems to make little sense if looked at in this one light. But the greatest commodity in accounting today is young talent... More | ||
| Jennifer Wilson | ConvergenceCoaching, LLC | www.convergencecoaching.com [email protected] |
| I think it is absolutely necessary, to make room at the table for future leaders. I feel that firms should allow for exceptions at the discretion of their board... More | ||