leadership

13 succession plan requirements

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time to retire clock facemake sure you’re not growing your own competition.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

there are various sections that should be included in any succession plan. we are not going to present you with a sample succession plan, but even better, to describe topic areas you should address in your plan.

more on performance management: base retirement on today’s operations | who decides what? | how involved should retired owners be? | how to find a partner’s replacement | best practices for mandatory retirement | 7 succession questions to ignore for now | the pitfalls of equity allocation and reallocation

as always, there are various best practices to consider as you put your plan together. for any succession plan to work, you have to start with consideration of the business model you use:
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everyone needs strategic planning

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ed mendlowitz cpa the practice doctor q and a7 main areas, with specific tips for each.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: do you recommend strategic planning for a small accounting practice?

more practice doctor q&a for pro members (go pro here): help clients, increase revenue: make sure everyone on staff knows your firm’s full menu of services | i made partner, now what? | how to sell your practice | when a client balks at necessary work | 14 ways to use timesheet data | how to make staff a team again | it’s not sales. it’s your duty | how to notify clients of a partner’s retirement | closed for tax season? looks that way | is joint representation a conflict? | lowballing and why it (usually) doesn’t work | what goes in a client’s permanent file?

answer: i recommend it for everyone. it is important for larger firms to make sure the partners are on the same page.
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who decides what?

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businessman looking thoughtfulyou need to ponder some questions before you answer.

by bill reeb and dominic cingoranelli
卡塔尔世界杯常规比赛时间 / succession institute

everywhere you turn, you overhear someone talking about, being asked about the status of, or referring to their need to develop, a succession plan.

more on performance management: how retired partners are robbing their own firms | how involved should retired owners be? | how to find a partner’s replacement | action plans for transitioning partners | how retirement issues affect succession planning | succession: the questions to care about | 7 succession questions to ignore for now | cpa firm performance assessments: 15 core competencies, 21 questions

as a matter of fact, for the past 12 years through surveys with the aicpa, we have been asking firms to share with us whether or not they have a succession plan in place.

when you consider the responses to this question from the pcps succession institute succession management surveys conducted in 2008 and 2012, clearly more and more firms are:

  • getting their act together,
  • documenting their succession management strategy and
  • thinking through the ramifications of retiring one or more senior owners.

here is the question we asked along with summary data from both surveys: read more →

help clients, increase revenue: make sure everyone on staff knows your firm’s full menu of services

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maybe they’ll be so interested they’ll want to learn that work.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: we have around 30 full-time staff, and most of them graduated less than three years ago.

more practice doctor q&a: i made partner, now what? | 19 ways to stop wasting reviewer time | why your clients need annual minutes – and how you can help | how much overhead is too much? | there’s more to growth than marketing | how to make annual staff evaluations work | are you managing knowledge or wasting it? | how to notify clients of a partner’s retirement | 7 ways to lose a client’s trust

how can we let them know more about the services our cpa firm provides so they can help sell our services?
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