Succession Planning
Can You Afford to Buy-out the Retiring Partners of Your Firm?
Many firms are struggling with the prospects of paying retirement buyout payments for their senior partners who will be retiring in the next few years. In some cases, several partners will be receiving retirement buyouts simultaneously. The financial burden can seem daunting. As we have emphasized in earlier blogs, make sure you first have the…
Read MoreWhen Should You Commence the Execution of Your Succession Plan
A key factor in successful transition of clients, as a partner moves toward retirement, is how dependent the client has become on the individual, rather than dependent upon the firm. In most firms, retirement benefits for partners are dependent upon the number of clients that remain with the firm. So, it is important that you…
Read MoreReluctant Leadership?
Partners often tell me that one of their number one succession concerns is who will ascend to partner. The perception is that “there is no one interested in becoming a partner these days.” Yet, when I talk to managers and senior managers (and even staff!), they are interested, but they don’t really know what means…
Read MoreCan You Feel The Power Shift?
78 million Baby Boomers, born from 1946-1964 need to transfer responsibility, wealth, and assets over the next 12-15 years. It might be easy to lull yourself into believing that the impact of this is a ways off. But studies estimate that 10,000 to 12,000 people are retiring every day and the impact in firms (and…
Read MoreA conversation with Managing Partners
I recently facilitated a panel discussion with three managing partners. The topic of discussion was around developing future leaders. They also shared best practices around creating a culture focused on creating value for clients, and not just what we ordinarily think of as value. True value and deep relationships that come from a focus on…
Read MoreThe Fifth Step in Succession Planning-Develop and Execute a Transition Plan
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, developing that talent into viable successors, and making sure you have the right financial arrangement for buying out and admitting new partners. The final step is…
Read MoreThe Fourth Step in Succession Planning-Make Sure You Have the Right Financial Arrangement
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, and developing that talent into viable successors. The next step in this five step process is to make sure your owner agreement is financially feasible for…
Read More13 Leadership Insights & Tips for CPA Firms
The CPA Consultants’ Alliance (CPACA), a group of thought leaders working together to further leadership within the CPA profession, met recently to identify and discuss the most pressing leadership challenges facing the CPA profession and identify solutions to address these challenges. Following the meeting, CPACA members were asked to identify the single most significant leadership…
Read MoreThe Fourth Step in Succession Planning-Make Sure You Have the Right Financial Arrangement
In previous blogs, I discussed the need to assess the level of need you have for replacing retiring partners, how to assess your firm’s potential for partner level talent, and developing that talent into viable successors. The next step in this five step process is to make sure your owner agreement is financially feasible for…
Read MoreThe Third Step in Succession Planning-Obtain Talent and Develop Them Into Successors
In previous blogs, I discussed the need to assess the level of need you have for replacing partners that will retire in the near future and how to assess the potential for partner level talent you have on your bench. The next step in this five step process is to get the right people on…
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