Dear Baby Boomers:Please don't retire! Ever! But if you must, do it now, so we can stop worrying about the impending demographic nightmare we've been hearing so much about, and start dealing with it.
One part of that nightmare is the potential wave of partner retirements that will wash over accounting in the next decade or so. The American Institute of CPAs is alive to this trend, and has prepared a wealth of resources to help firms cope. The first is a white paper, Preparing for Transition: The State of Succession Planning and How to Handle the Process in Your Firm, which summarizes the results of the 2004 PCPS Succession Planning Survey, and offers insights and best practices on succession planning from over 500 firms. It's available free at www.aicpa.org/pcps, under the Resources tab.
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