It’s a favor. Treat it like one.
By Marc Rosenberg
CPA Firm Mergers: Your Complete Guide
A practice continuation agreement (PCA) is a written contract between a sole practitioner and another firm for the latter to take over the solo’s practice, either permanently or temporarily, in the event of a sudden, unexpected event (most commonly a health issue) that prevents the solo from working.
MORE: Where Mergers Go Wrong | Twelve Tips for Negotiating Mergers | Buying a Solo | Why Merging in Smaller Firms Is Fabulous | 13 Reasons to Merge Up | Thinking Merger? First Ask Why.
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Logically, it would make total sense for every one of the 30,000 sole practitioners in the U.S. to have a PCA in place. After all, solos have no partners to take their place, and in the vast majority of cases, their staff doesn’t have the skill level or the certifications needed to run the practice in the absence of the owner.
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