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.  

Many firms have been operating under the mistaken impression that succession planning starts and stops with leadership development.  Developing future leaders is critical, but there are many other important areas to be addressed, such as MP and client transitioning, updating of partner buyout and buy-in plans and development of existing staff.   The key challenges facing both the retiring and succeeding partners must be acknowledged and overcome. And the math absolutely has to work! 

There’s so much to say on this important topic that we’ve just released another in our series of monographs devoted to key issues affecting CPA firm practice management.  So while my colleagues were toiling away during tax season, I wrote “CPA Firm Succession Planning: A Perfect Storm.”

The monograph provides readers with a roadmap for creating and implementing a succession plan using the proprietary approach we’ve developed in more than 20 years of guiding firms in creating succession plans.

To order a copy, visit our web site: and click on the Monographs button.

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