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13 steps in succession planning

3 businessmen looking down at a giant red jigsaw puzzle pieceplus 20 questions for introducing the topic at a retreat.

by marc rosenberg
cpa firm retreats

the best succession planning takes a step-by-step approach.

more on retreats: staff likes and dislikes about the accounting profession | 20 questions to benchmark profitability | 27 tough questions every firm needs to address | 10 benchmarking missteps | 18 essential management questions to cover at a retreat | 30 marketing and growth questions to cover at a retreat | thinking of merging? discuss it at a retreat | leave your retreat with a to do list | who should participate in a retreat? | retreat logistics: how long, what kind? | why do cpa firms conduct retreats?

1. strategic planning: what do we want the firm to look like in 5-10 years?
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pay & compensation

partner pay: recapping the compensation systems

the popularity, pros, and cons of each.

chart of compensation system usage
compensation systems in use, by size of partnership

by marc rosenberg
partner comp: art & science

what is the actual usage of compensation by firms?

more on partner compensation:5 other systems for paying partners | 3 non-performance-based comp systems | the 3 best partner compensation formulas |why firms use partner comp formulas|3 subjective compensation systems|11 points in designing a partner comp system | 3 tiers of compensation | partner compensation 101|what partners earn and how they earn it | partner compensation: an art, not a science | how partners view compensation: it’s not all about the money | why most partner comp systems are performance-based 

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observations & analysis:

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freemium

practice continuation agreements and why solos need them

woman and man shaking hands across a deskit’s a favor, so treat it like one.

by marc rosenberg
cpa firm mergers: your complete guide

a practice continuation agreement (pca) is a written contract between a sole practitioner and another firm for the latter to take over the solo’s practice, either permanently or temporarily, in the event of a sudden, unexpected event that prevents the solo from working, most commonly a health issue.

download: practice continuation in event of a death or disability sample agreement and letter of instruction,  prepared by ed mendlowitz

more on mergers: how to merge sole practitioners | merging in smaller: what to ask | 18 concerns about merging in smaller firms | 12 reasons to merge in a smaller firm

logically, it would make total sense for every one of the 30,000 sole practitioners in the u.s. to have a pca in place. after all, the solo has no other partners to take her place and in the vast majority of cases, the solo’s staff doesn’t have the skill level or the certifications needed to run the practice in the absence of the owner.
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marketing & sales

5 reasons cpa firms are bad at succession planning

older businessman with younger businessman trailing behind himplus 6 aspects of a good succession plan.

by marc rosenberg
cpa firm retreats

what is succession planning?

most of us think of succession planning as a process for identifying and devel­oping people with the potential to fill key leadership positions.

more on retreats: 25 ways to turn good firms into great firms | partner buyout 101 | 27 tough questions every firm needs to address | make more money | 10 benchmarking missteps | how to address partner compensation at a retreat | how marketing for cpa firms is different | why create a marketing plan? | thinking of merging? discuss it at a retreat | how to take action after a retreat | every retreat needs a leader, but who? | retreats are no place for clowns | what should cpa firms discuss at retreats? | why do cpa firms conduct retreats?

there is no question that leadership development is the most important part of succession planning. but at cpa firms, much more is necessary. a successful succession plan requires:
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pay & compensation

partner pay: why your book of business isn’t worth as much

young businessman walking on bungee cord between question mark and dollar signfour reasons behind the decline. plus the impact on buyouts and retirements.

by marc rosenberg
partner comp: art & science

i’m sure many people see the title of this post as a form of practice management heresy.

more on partner compensation: 5 other systems for paying partners | 3 non-performance-based comp systems | 3 subjective compensation systems | partner compensation 101 | what partners earn and how they earn it | partner compensation: an art, not a science | why most partner comp systems are performance-based

the message is: the weighting of book of business is trending from being the “end-all” in allocating partner income, or close to it, to a factor that is still important, but less so.
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