TALENT management & human resources
6 steps to sustainable succession management By Robert Traphagen, CPA, CGMA, Traphagen CPAs & Wealth Advisors
You can't spell "succession" without "success." So why is succession often such a challenge for CPA firms? CPAs prioritize providing quality services to foster client
a sense, is viewed more often as an end game by many firms
relations and grow their firms; however, they relegate
rather than a critical component of firm management.
succession to the back burner. According to the 2020 Succession Planning Survey conducted by the AICPA Private Companies Practice Section and Succession Institute LLC, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016, the last time the survey was conducted. Succession, in
10 | CPA Voice
It is imperative to focus on the future of the firm by adopting a strategy that builds sustainability. This will add value and allow a firm to be in a position of strength to determine its own destiny — through a sale, merger (upstream/ downstream), acquisition or internal succession supporting a legacy approach.
