How to Notify Clients of a Partner’s Retirement

Phase in so there are no surprises.

By Ed Mendlowitz
The CPA Trendlines Practice Doctor

QUESTION: Thank you for your Q&As on the death of a sole practitioner and purchase of a practice. Do you have anything about the retirement or death of a senior partner?

ANSWER: The death of a senior partner, or any partner, becomes public knowledge almost immediately with many clients attending the funeral, wake or Shiva. In those cases I have not seen any falloff of clients since there is a correct assumption by clients that

there was backup,
that the files are intact and will be maintained, and
if staff was working on that client they will continue.

MORE PRACTICE DOCTOR Q&A: 7 Ways to Lose a Client’s Trust | When Fees Don’t Keep Up With Cost Increases | What Goes in a Client’s Permanent File? | When Experience Doesn’t Add Up | Making Meetings More Productive | Tax Return Reviewer Ticking and Tying 5 Time Management Tips for an Overworked Accountant | Running an Accounting Business | Pricing, Billing, Costing: Don’t Blame Clients

Posted on April 6, 2015

Edward Mendlowitz

About the Author

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Edward Mendlowitz, CPA, ABV, PFS, is a partner at Withum, a forward-thinking, technology-driven advisory, and accounting firm. Ed has over 40 years of public accounting experience, is recognized as one of the Top 100 Most Influential People in Accounting by Accounting Today, and is the CPA Trendlines "Practice Doctor."

His latest handbook is 77 Ways to Wow! The Handbook for Small-Business Advisory Services.

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He is a licensed certified public accountant in the states of New Jersey and New York and is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation (ABV), certified in financial forensics (CFF) and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations, and twice at the House Ways and Means Committee on tax reform, fairness, and reduction. A graduate of City College of New York, Ed earned his bachelor of business administration degree.

He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA) and the New York State Society of Certified Public Accountants (NYSSCPA). In addition, Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which merged with Withum in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 19 books, Ed has also written hundreds of articles for business and professional journals and newsletters.

He is the contributing editor to the Practitioners Publishing Company’s 706/709 Deskbook, and the AICPA’s Management of an Accounting Practice Handbook, Corporate Controller’s Handbook and Wiley’s Handbook on Budgeting and is on the editorial board of Bottom Line/Personal newsletter and the Journal of Accountancy Member Panel on Business Valuation. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the recipient of the Lawler Award for the best article published during 2001 in the Journal of Accountancy.

Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in N.J., and many more. For 11 years, he taught courses on financial analysis, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the MBA program at Fairleigh Dickinson University.

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