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Three Obstacles to CPA Firm Succession Planning

Marc Rosenberg, CPA / October 23, 2012

It’s common sense that the key to succession planning is developing future leaders, a practice at which the vast majority of CPA firms under $15M struggle.  Here are three tactics for developing future leaders:   1.   Partners must be accountable for personally developing specific future leaders.  It doesn’t take a rocket scientist to tell us…

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CPA Firm Succession Planning: A Perfect Storm

Marc Rosenberg, CPA / May 1, 2012

Most CPA industry observers regard succession planning as the #1 endemic problem in the profession.

Succession planning is a “perfect storm,” brought about by the simultaneous impact of a number of external factors – aging baby boomer partners, a shortage of staff with partner potential and a shrinking pool of practitioners entering the field.

Yet another problem is of firm management’s making: the tendency to perpetually relegate succession planning to the back burner. That’s understandable: nobody likes to confront his own mortality. Just ask your estate planning clients.

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Solos reluctant to sign practice continuation agreements

Marc Rosenberg, CPA / November 15, 2011

To me, having a practice continuation agreement is a “no-brainer.” I can’t think of a single reason why a sole practitoner should NOT want to do this. Yet, throughout my entire career I have seen only a small handful of firms enter into such an agreement.

To read more about practice continuation agreements click here:

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Fall Colors and Succession Planning

Marc Rosenberg, CPA / November 1, 2011

Fall is my favorite season because the air is delightfully cool and crisp and Mother Nature puts on her most spectacular show. It’s a great time of year for scenic drives to places like Vermont –  listed in National Geographic Traveler as one of the world’s  50 Top Places of a Lifetime – in the rarefied company…

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Succession Planning for My Roundtable Group

Marc Rosenberg, CPA / July 5, 2011

June 30 I launched my 4th Chicago area roundtable group.  We’re calling it the Next Generation Roundtable.  I’ve led a Chicago area roundtable group for 20 years – something like 23 of Chicago’s 30 largest local firms are in this group.  With my urging, the group did its own succession planning (how do you like…

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CPA Firms Are Not Good At Succession Planning: Why Is This?

Marc Rosenberg, CPA / May 9, 2011

60-80% of local CPA firms never make it to the 2nd generation.  A similar percentage of firms report that they do NOT have a written succession plan.  Why is this? For the record, a good succession plan addresses leadership development, training, transition of the MP, merging in smaller firms and lateral hires, transition of practice…

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