How to Transfer a Boomer-Owned CPA Practice to a Millennial

Riding the big gray wave.

By Brannon Poe

The demographic tsunami actually might surprise you. According to Pew Research, Millennials are projected to soon overtake Baby Boomers as the largest generation. That’s right, they will be the biggest generation in the U.S. and they are almost there.

  • Boomers – Born from 1946 to 1964 – 74 million
  • Millennials – Born from 1982 to 2002 – 71 million

Another very important consideration is the declining number of CPAs in the profession. The total number of first-time licensed CPAs has declined about 20 percent since the 1990s.

It appears that the “greying of the profession” may be more of a function of the number of people who have chosen the profession and those that have decided to get out of public practice altogether.