For accountants and their firms, succession planning is a process that should begin early and be revisited often. And it’s a process that is – or at least should be – well underway at most practices.
Consider the following. In the most recent PCPS Succession Planning Survey—taken in 2020—44% of the sole or solo practitioners polled indicated they were planning to retire in the next five years, with an additional 31% expecting to retire in the six to 10 years.