Succession Planning: Running Your Firm After Retirement
All good things must come to an end, and the same is true for careers – even for those in payroll. Though it may be hard to picture the end of your career, or your employees’, it will eventually come. As a payroll practitioner, this is something you undoubtedly know as you help clients plan for and work through the retirement of their own employees. However, it may be harder to plan for when it’s your own firm.
In general, payroll practitioners tend to push their own succession planning back as they focus on their clients. You may think that you have time to figure it all out, or even that it will all work itself out naturally when the time comes. Neither of these is true, and a future as important as that of your firm should not be left up to fate.
The accounting profession, like many others, is on the verge of a generational shift as Baby Boomers start retiring and Millennials take their places. Chances are your payroll firm will be impacted as the mass exodus takes place and, without proper succession planning, the necessary transfer of knowledge would be incomplete. Your firm will also miss out on opportunities to attract talented professionals who can take your firm to the next level. Read more on CPA Practice Advisor.