SUCCESSION & RETIREMENT
What Happens to Your Firm If You Die? Seriously.
Get the free practice-continuation toolkit.
By Ed Mendlowitz
Call Me Before You Do Anything: The Art of Accounting
One morning, my wife and I were having breakfast, and she asked me, “What do I do if you and Peter get killed?”
DOWNLOAD: Practice Continuation in Event of a Death or Disability Sample Agreement and Letter of Instruction, Prepared by Ed Mendlowitz
This was a Friday, and Peter Weitsen and I were flying together on Sunday to a conference in Palm Springs. My response to these questions was typical: “Don’t bother me. Nothing will happen!”
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Webinar, May 13: Due Diligence for Private Equity
Independence vs. Transacting: The Facts Behind Each Pathway,
with Bob and Doug Lewis, Visionary Group
May 13, 4-5 pm ET
Register here | Learn more
Why Solos Need Practice Continuation Agreements
It’s a favor, so negotiate generously.
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 that prevents the solo from working, most commonly a health issue.
MORE by Marc Rosenberg
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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, the solo has no other partners to take her place and in the vast majority of cases, the solo’s 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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It’s Time to Think about Your Exit Strategy
It’s never too early to consider your legacy.
By Jackie Meyer
The Balanced Millionaire: Advisor Edition
Building a successful advisory practice is a significant achievement. But have you considered what happens next once you’ve reached your current goals? It’s easy to get caught up in the day-to-day operations and growth of your firm without thinking long-term. However, true freedom and peace of mind come from knowing you have a plan for the future of your business and the impact you’ll leave behind.
MORE by Jackie Meyer
Exclusively for PRO Members. Log in here or upgrade to PRO today.
This article delves into the critical topics of exit strategy and legacy. We’ll explore why it’s essential to plan for the future even in the early stages of building your firm, discuss various options for eventually selling or transitioning your business, and get you thinking deeply about the legacy you want to create. Planning your exit isn’t about wanting to quit – it’s about building a business that’s a valuable asset and ensuring your hard work carries on according to your wishes.
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