QUADRUPLE Valuation in 18–24 Months
Do You Have a Succession Plan?
Selling Your Business
ATS can assist you with your firm’s succession planning and help you determine your firm’s level of succession preparedness. We can help you build a solid foundation to guarantee a smooth transition for your succession plan. Learn how to maximize the value of your practice while there is still time.
Succession planning is not a spectator sport. When it comes to succession planning for a small business, CPAs make it their job to counsel clients on the pitfalls of leaving their business and personal futures to change—planning is one of the sound fundamentals to build success. Good advice, but CPA firms themselves reveal that they are not preparing sufficiently for their futures. Succession planning and building a strategy for the future transition of the leadership/ownership of the firm rates very high on the scale of importance, with 94% of survey participants saying it is essential. But how many have plans?
Succession Planning Study
Reconsider your point of view with KPMG’s report on the state of CPA firm succession planning. Highlights in this full report include many additional insights. Here are just a few:
- The top obstacle to succession planning was finding the time for the process.
- Communication skills are the most critical factor in recruiting for a firm and the top characteristic of the success of a leader.
- Almost all firms consider internal succession the best option for the transition of ownership, and about half would also consider a merger or buyout option.
- Key factors in assessing conditions for a successful merger/sale/acquisition were culture fit and client/service strategy.