Succession planning

The ground inside many CPA firms is beginning to shake as the first wave of over 76 million Baby Boomers (those born from 1946 to 1964) reaches retirement. The result of this quake is an expansion in the generational divide within firms - especially between Baby Boomers and their up-and-coming Generation X (those born from 1965 to 1981) partners, principals and senior managers.

Jeffrey Donovan has been named managing partner at Donovan Certified Public Accountants and Advisors.

While there are some things you can control, there are many more that you cannot. The real issue is not what you can control or not, but how you react to these type of disasters, and how well your firm carries out its “contingency planâ€� (if it has one). The difference may mean the firm’s survival (and retention of its asset value).

IMGCAP(1)]Today many businesses, including accounting firms, have a sobering problem when it comes to older partners.

Succession planning to determine thefuture of a firm remains a challenge for many accounting practices - particularly when family is involved.

Wipfli has reached an agreement to provide accounting, tax and consulting services to clients of American Capital LLC, a Chicago-based firm that specializes in providing tax and succession planning services to high-net-worth individuals and their businesses.

Wells Fargo has teamed up with FP Transitions to introduce a program to help business owners in the Wells Fargo Advisors Financial Network to determine and monitor the value of their financial advisory practices.

A series of surveys conducted in the past decade suggests that CFOs may be staying in their jobs longer.

IMGCAP(1)]Accountants are often considered the trusted advisor to business owners. Yet, when it comes to their own practices, we often find they have not paid enough attention to critical issues at the office.

IMGCAP(1)]Many of us have had that visit to the doctor when we are told that if we don’t make some changes in our lifestyle, the consequences will be significant.

Eighty-eight percent of senior financial executives believe the positions of CEO and chairman of the board should be separate, according to a new survey by Grant Thornton.

The Association of Chartered Certified Accountants has created an online training resource to help accountants hone their career development plans.

The PKF North American Network has started a Center for Exit Planning Excellence to help accounting firms advise aging business owners on options for what to do when they are ready to retire or move on.

The American Institute of CPAs is convening its first Leadership Academy this week with 28 CPAs under the age of 35.

MAY