CPAs Planning For Retirement or Other Transitions

Resources

Networking

There are a variety of opportunities to connect with your peers through CSCPA events. Look to the Events page on this Web site often to see the latest activities taking place. Whether you attend a Member Connections networking event, CFO/Controller’s Roundtable, Tax Study Group, Chapter meeting, or CPE course, there’s every opportunity to connect with your peers.
You also can connect with your peers via the CSCPA social networks:
LinkedIn.com
FaceBook.com
YouTube.com

Resume and Cover Letter Writing Tips

Whether you’re retiring to do something new or to do volunteer work, you’ll need a resume. The cover letter is an interviewer’s first glance at you; the resume provides a glimpse of your qualifications. Is your resume current and designed to get you where you want to go?
 

Helpful Articles

• Finding the “Success” in CPA Firm Succession Planning
• Planning Your Exit—or Entry—Strategy
• Who Are the Partners of Tomorrow? The Partner Gap
• The Five Leadership Competencies: Secrets to Selling Your Business for a Premium
• Career and Life Transitions: How a Coach Can Help
• The Journal of Accountancy The JOA online has a wide variety of archived articles covering practice continuation, succession planning, and mergers & acquisitions.
 

Additional Resources

AICPA Succession Planning Center

The Center provides a variety of succession scenarios that practitioners can work through. Among the scenarios are: selling the firm, merging the firm-including both downstream and upstream mergers, developing new leadership, transitioning issues associated with retiring partners, value of the firm and turning off the lights as a succession strategy. Succession Planning Products and Webcasts also are available.

2008 Private Companies Practice Section Succession Survey

Fifty-six percent of small- to medium-sized CPA firms do not have a written succession plan, according to the AICPA’s 2008 Private Companies Practice Section Succession Survey. The survey revealed that 67 percent of multi-owner firms and more than 50 percent of sole proprietors believed succession planning would be a significant issue for them in the near future.

CPA Practice Continuation Agreement

What will happen to your firm if you experience a catastrophe, illness, or death? An unexpected tragedy can result in (1) clients' concern about their professional needs, (2) loss of clients and staff, and (3) billing delays. Small firms can take a proactive approach to mitigating the effects of a tragedy by having a Practice Continuation Agreement signed with another compatible practitioner.

What is a Practice Continuation Agreement?

A practice continuation agreement is a contract made between an individual practitioner or a small two-partner-shareholder firm (in case of a dual calamity) and another CPA firm. It describes a course of action to transfer a professional CPA practice and sets payment for its value. In the event of death or temporary or permanent disability, a practice continuation agreement protects the practice, the business interests of the accounting firm's clients and the financial interest of the CPA and his or her family.

The Growth Partnership

The Growth Partnership (TGP) is a full-service, multi-disciplinary consulting firm serving the accounting profession. TGP engages clients in a comprehensive, holistic manner whether an engagement focuses on practice management, practice development, mergers and acquisition or human resources.

How Ready Are You?

Planning for retirement includes a very big emotional component. Fill out this Emotionally Ready To Retire Rating Scale to see where you stand.
 

Coaching

ActionCoach-Team Empowerment: Colorado-based, this company offers a wide variety of coaching services from one-on-one to group coaching. The team of coaches has backgrounds as CEOs, CFOs, CPAs, and other financial services. Coaching is available for any business person from those just out of college to those planning retirement.

Dynimus: Offers customized coaching programs focused upon helping clients, whether they are students, recent graduates, corporate employees, executives or entrepreneurs, effectively and efficiently discover and fulfill their True Calling™.

Mountain State Employers Council: Workplace coaching for individuals and teams. MSEC designs customized programs to help executives, managers, teams, and individuals increase their capacity for outstanding performance.

International Coach Federation: ICF is the leading global organization dedicated to advancing coaching. Its Find A Coach database lets you search for a coach based on your specific needs.

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