Why Knowledge Maintenance Is Key

Businesspeople discussing chartsDon't let systems and processes leave with your employees.

By Steven E. Sacks

There are nearly 80 million Baby Boomers today, and this cohort ranging from ages 55 to 73 is projected by the U.S. Census Bureau to reach 83.7 million in the year 2050. By 2030, more than 20 percent of U.S. residents are projected to be aged 65 and over, compared with 13 percent in 2010 and 9.8 percent in 1970.

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A large part of this growth is because of the aging of Baby Boomers (individuals born in the United States between mid-1946 and mid-1964), who began turning 65 in 2011 and are now driving growth at the older ages of the population. As one source in 2016 put this into perspective, every day, 10,000 people turn 65. There are more than personal financial issues at stake here.

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Steven Sacks

The author: Steven E. Sacks, CPA

About the Author

Steven Sacks, CPA, CGMA, ABC, has been at the forefront of the accounting profession for 30 years.

He is the author of
"The NEW Fundamentals: Practical Guidance for Today’s Accounting Firms,"
available here from CPA Trendlines.

Buy now | Learn More

Click here for more by Steven Sacks

His involvement included the development of the first set of consulting standards, the creation of the Accredited in Business Valuation credential, the publication of practice management guides and award-winning newsletters, and addressing business development and organizational management in both the public and private sectors. He has served professional service firms and membership associations through the deliverance of leading-edge conferences, presented to colleges and universities on careers in accounting, and created workshops, webinars, and webcasts on a variety of accounting and consulting topics.

As the CEO and founder of Solutions to Results LLC, Steven assists professional service firms and organizations to solve the challenges of human capital development, workplace culture, and developing effective internal and external communication strategies and techniques. Previously, as executive director of Moore Stephens North America, he served CPA firms with conferences, webinars, workshops, various communication vehicles (including a multi-year, award-winning association newsletter), and a skills database for the development of domestic and international engagement referrals. At the AICPA, he developed strategies and business plans for growing the consulting services membership section; published technical service and practice management guides; participated in the creation of the first set of standards for consulting services; led the creation of the Accredited in Business Valuation credential; developed niche conferences in valuation, litigation support and forensic services; and presented to colleges and universities about CPA consulting careers.

Click here for more by Steven Sacks