Succession planning for your practice
An important matter for Practices
Succession planning is something that some accountants may think about more than others, whether they're a sole practitioner planning for retirement some years in advance or a partner in a bigger firm wanting to reduce their involvement and spend more time with family and friends.
Succession issues vary from firm to firm and having a strategy in place is imperative for the continuity of the practice. ICAS' Practice Advisory Service can assist firms in implementing an effective succession strategy.
The International Federation of Accountants' Small and Medium Practices Committee has issued detailed Practice Management guidance for Small and Medium Practices.
Pages 474 to 506 include detailed guidance on Succession Planning which we would urge Practitioners who are undertaking Succession Planning to consult.
Practice Opportunities Register
ICAS' Practice Support team operates a confidential mergers and acquisitions service which aims to bring together those interested in speaking with like-minded firms about how they take their firms forward or indeed implement succession plans. Registration for this can be made by completing the below form.
For further information on how ICAS can help, including details of the Practice Advisory Service, please contact Practice Support.
Further articles and guidance on succession planning
Succession planning is a common issue across the profession globally. The US-based Institute of Certified Public Accountants (who, like ICAS, are members of the Global Accounting Alliance) have produced a useful article for their CPA practice adviser publication highlighting how most practitioners are unprepared for succession.
AccountingWeb has a number of articles and resources focused on the succession issue:
- Practitioners urged not to hold back on succession plans
- The National Society of Accountants gives useful tips on the issue
- 4 tips to improve succession planning