The steps to take today to exit gracefully in the future.
By Mark Rosenberg
How To Bring in New Partners
Succession planning has hit CPA firms hard. As Baby Boomer partners approach retirement age, they naturally are focusing on who can take their place and eventually write their retirement checks.
There are two primary exit strategies for partners: 1) Sell or merge out of existence. Or 2) Stay independent, retire and get bought out by younger partners who write the partners’ retirement checks with smiles on their faces.
The vast majority prefers method No. 2, but unfortunately, this option is not available to many partners and firms. For various reasons, these firms have not developed new partners to take their place.