Don’t keep it a mystery: Six common mistakes.
By Marc Rosenberg
The Rosenberg Practice Management Library
Accounting firms worldwide are dealing with an enormously difficult challenge today – one that has topped every firm’s list of critical issues since the turn of the century and will continue to be a high priority for years to come. The vast majority of firms struggle with it. Failure to solve it causes hundreds of firms to merge out of existence every year.
MORE ROSENBERG: 10 Ways to Hold Partners Accountable | Five Ways to Evaluate Partners | Compensation Is No Way to Manage Partners | 4 Big Issues That Firms Face | Make Sure Partners Focus on Two Things | Manage Partners with Goal Setting | Clarify Partner Expectations | How the Managing Partner Manages the Partners |
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The “it” is, of course, succession planning, with difficulties rooted in a perfect storm of causes:
- The huge number of baby boomer partners nearing or reaching retirement age, coupled with …
- An acute shortage of younger people with the desire and the skills to succeed them, accompanied by …
- CPA firms’ historical weakness at retaining staff and developing them into leaders and future partners. Evidence of this is the fact that 80 percent of first-generation firms never make it to the second.
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