CPA Firm Succession Planning

Redefining the Future of CPA Firm Leadership

The accounting profession has changed, and so has its playbook for survival. CPA Firm Succession Planning – Second Edition by Marc Rosenberg is rebuilt for a post-Pandemic, private equity and AI-driven era.

“Succession is no longer an event — it’s a system.”

Who It’s For

• Managing partners preparing for retirement or restructuring
• Firm administrators driving leadership transitions
• Next-generation partners ready for ownership
• M&A advisors, consultants, and practice-management experts

Why You Need It

The first edition warned of a “perfect storm.” This second edition provides the systems, data, and templates to navigate it — and thrive. This is not a warning manual. It is an operating system for the next decade of firm leadership.

Built for the New Generation of Firms

This expanded, data-rich second edition transforms theory into action. Now twice the length of the first edition, it delivers 120 pages of real-world guidance, new data, and implementation tools for firms of every size.

What’s Inside

• 40+ exhibits, checklists, and templates
• Firm Readiness Scorecard
• Partner Retirement Agreement Template
• Client Transition Matrix
• Action plans for every chapter

What’s New — and Why It Matters

1. Private equity and external capital. Understand how PE-backed consolidators and outside investors reshape firm valuation and ownership models.
2. The post?COVID workforce. Hybrid policies are changing partner pipelines — and firms offering flexibility see 20–30% higher retention among partner-track talent.
3. Technology, AI, and digital handoffs. Automation, data continuity, and knowledge-transfer systems now define firm value and succession readiness.
4. Leadership diversity and inclusion. Only 23% of CPA firm partners are women; the book outlines practical steps to close the gap.

By the Numbers: What the Data Shows

“The firms that thrive won’t be the biggest or richest — they’ll be the ones that can pass the torch without losing the flame.”

— Marc Rosenberg

Contents

1. How the Succession Planning Crisis Evolved
   • Succession Planning: The CPA Profession’s Perfect Storm… Still
   • Today’s Succession Planning Crisis
   • How the Succession Planning Crisis Evolved
   • The Talent Shortage in the CPA Industry
   • Evidence of Firms Failing in Their Succession Planning
2. What Is Succession Planning?
   • Why CPA Firms Are Deficient at Succession Planning
   • Why Firms Choose Internal Succession
3. What Makes Partners Anxious About Succession Planning?
   • Challenges for Older Partners
   • Challenges for Younger and Future Partners
4. A Succession Planning Game Plan
   • A 17-Step Approach to Succession Planning
5. Strategic Planning
   • What Is Strategic Planning?
   • Common Barriers to Effective Strategic Planning
   • The Three Main Phases of Strategic Planning
   • Core Values and Key Success Factors
6. Getting Your Succession Planning Started
   • Best Ways to Start
   • Choosing a Succession Strategy
   • Partner Retirement Planning
7. Drilling Down on Your Succession Plan
   • Using Strategic Planning Results
   • Calculating Future Partner Needs
   • Deciding on Exit Strategies
   • Attracting and Promoting Future Partners
   • Partner Criteria and Assessment Charts
   • Additional Tips and Pitfalls
8. Revenue Growth
   • Benefits and Types of Revenue Growth
   • Innovative Growth Strategies
9. Profitability
   • The Role of Profitability in Succession Planning
   • Keys to Higher Profitability and Firm Value
10. Effective Management: Essential to Succession Planning
    • Management Components and Models
    • Governance Structure and Partner Roles
11. Managing Staff to Succeed the Partners and Leadership Development
    • Culture, Compensation, Training, and Mentorship
12. Bringing in New Partners
    • Why Firms Need New Partners
    • The Partner Path and Buy-In Practices
13. Non-Equity Partners
    • Role, Transition, and Success Factors
14. Transitioning Management, Partners, and Clients
    • Managing Partner Retirement
    • Dealing with Reluctant Retirements
    • Client and Knowledge Transitions
15. Partner Compensation
    • Compensation Systems and Their Impact on Succession
16. Partner Buyout Plan
    • Importance, Valuation Methods, and Anxiety Factors
17. Partner Agreement
    • Key Provisions and Structures in Partnership Agreements
18. Mandatory Retirement
    • Policies, Practices, and Firm Challenges
19. Mergers and Private Equity
    • Mergers as a Succession Strategy
    • Benefits and Market Trends
    • PE Involvement and Deal Structures
20. Conclusion
    • Obstacles to Succession Planning
    • Life After Partnership: “Get a Hobby”
    • “Ya Gotta Wanna”

Bonus Toolkit:

1. What a Successful Succession Plan Requires
2. A 17-Step Approach to Succession Planning
3. Succession Planning: Doing the Math
4. Chart for Assessing the Staff’s Potential for Becoming a Partner
5. Innovative Ways CPA Firms Are Increasing Growth
6. Managing Partner Job Description
7. What’s Not in the Managing Partner Job Description But Is Very Important
8. Does Your Firm Ace the Test on Developing
9. Great Staff?
10. New Partner Buy-In: Common Practices Chart
11. Main Reasons for Seeking a Merger From Both the Buyer’s and Seller’s Viewpoint
12. Merger Terms: Traditional CPA Firms Mergers vs. Private Equity Deals Chart
    

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