Succession Planning: The Challenge of What’s Next
In general, the bigger the firm, the more likely that firm has a succession plan in place. One-fourth of multiowner firms with three to seven full-time employees had succession plans, but 86% of firms with 101 to 200 employees did. One such large example is Keiter, a firm of about 120 employees in Glen Allen, Va. Managing partner Lewis Hall, CPA/ABV, said Keiter’s succession plan is already in process with a number of retirement-age partners.
“We think about it pretty much every day; it’s a big deal,” Hall said. “I am almost constantly monitoring what we’re doing as far as succession. We have one partner that is retiring this year, and we have retired three in the last three years. We’re looking at developing new partners, and we’re looking at transitioning clients. It’s a lot of effort and planning.”
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