BONUS: Six steps for transitioning clients.
By August J. Aquila
What Makes a Great Partnership
The biggest danger facing the future of accounting firms today is not the economy. It is the lack of planning for partner retirement. You would think that this would be one of the most important strategic issues for firms, but unfortunately it is not.
MORE: Retiring Partners Are Valuable Assets | How to Deal with Underperforming Partners | When ‘Quiet Quitting’ Hits the Partner Ranks | Nine Ways to Handle Partners with Strong Views | Nine Standards for Partner Compensation
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Without proper retirement/succession planning, the firm is left directionless. And, it is not only planning for the succession of the managing partner that is essential. Planning for the retirement of other key partners and non-partners in the organization is important, as well. Planning for retirement becomes even more critical when the retiring partner is a founder or a key rainmaker of the firm. Often, these individual do not want to leave the firm and remain working at the firm longer than necessary.
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