Why Accounting Firm Partners Are “Popping Prozac like M&M’s”

Four reasons behind the succession crisis: The perfect storm.

By Marc Rosenberg
Author of CPA Firm Succession Planning: A Perfect Storm

Let me warn you in advance – reader discretion is advised.

Succession planning is a very sobering topic. During several retreats I have led, this issue has literally brought tears to partners’ eyes. They start popping Prozac like M&Ms. Why? Because succession planning forces us to confront our own mortality. This is never easy – just ask your estate planning clients.

More Marc Rosenberg:

The 15-Item Checklist for Your Next Partner Retreat
Five New Responsibilities for a New Partner
Planning a Partner Retreat for Real Results
The 10 Biggest Mistakes in Reading MAP Statistics
How CPA Firms Make Money in Turbulent Times
Re-Engineering Partner Accountability [VIDEO]
Why CPAs Aren’t Making More Money [VIDEO]
Slow Learners Need Not Apply
10 To-Do’s for a Partner Buyout

Before the recession, the AICPA’s survey of firms’ top practice management issues consistently reported succession planning as the No. 1 area of concern. More recently, recession-related issues such as bringing in new clients, client retention and fee pressure have pushed succession planning back to No. 5, but most industry observers regard it as the No. 1 endemic problem in the CPA profession. And it’s going to get worse before it gets better.