By Keiter CPAs
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.”
Click here to view the full article.
Source: AICPA
About the Author
Keiter CPAs
Keiter CPAs is a certified public accounting firm serving the audit, tax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial services, construction, real estate, manufacturing, retail & distribution industries and nonprofits. We also provide business valuations and forensic accounting services, family office services, and inbound international services.
More Insights from Keiter CPAsThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
