The Practicing
The Newsletter of the AICPA
Private Companies Practice Section
CPA
June 2011
Wanted: Our Next Managing Partner
By Ira S. Rosenbloom, CPA
Succession planning and the stress that comes
along with it are quite the rage in the world of
public accounting. When it comes to recruiting a
firm’s next managing partner, the challenge may be
enormous. Leadership shortage is not new for the
profession. We have confronted the lack of senior
accountants, the scarcity of rainmaking partners, the
need for entrepreneurial partners and the demand
for pragmatic technical professionals, but the drama
that comes from the challenge of recruiting the
next managing partner is in a whole different class.
In most firms, the managing partner is the central
processing unit. Nearly all matters flow through his
or her office. They have the final say, and in many
organizations, the only say that matters. The hands-on
model that so many managing partners have applied
has brought great success to the profession, yet has
created a significant lack of interest by others to
perpetuate it.
Much like in the world of technology, it is time for a
new operating system. We need to revolutionize the
managing partner role in much the same way that
technology companies have invigorated computing
and data management. Firms that are currently
dealing with succession at the managing partner level
or will soon be should be taking the following bold
steps if they intend to succeed at securing their next
managing partner.
Put the position under the microscope. What
does the managing partner do? How should his or
her responsibilities change in the near term? Firms
must prepare a complete assessment of the job
requirements and job description with the input of
multiple layers both within the organization and
outside of it. The purpose is not to evaluate the
incumbent’s performance but to determine what the
firm needs now and in the next five years. The owners
and partners in training should be asked to rank the
elements of the current job description in a way
that will allow for useful analysis. A select group of
outside entrepreneurs and centers of influence should
weigh in on the current job description and future
needs as well. A survey of desired attributes and
abilities for the managing partner should be prepared
by all current employees. It’s also a good idea to
include employees who were with the firm for three
or more years and have left in the last three years.
A job description that reflects multiple perspectives
and that is deeply rooted within your organization will
ensure critical buy-in and solid credibility. This type
of 360 degree process should produce the kind of
job description that will provide the platform for the
operational change that the firm needs to embrace.
Energize from within. Key players in the firm
must be fully engaged in the process to ensure its
viability and success. Create a feasibility task force
and charge the members with refining the new
job description and crafting a transition process.
Depending on the size of your firm, the size and
composition of your committee will vary. In general, it
should be somewhere between three and five people
in small firms and five and seven in larger practices.
The group should be made up mainly of owners but
should include the chief administrative officer/firm
administrator. Its job will be to make an independent
assessment of the firm’s resources and processes and
determine whether they are easily transferable to
the next leader or leaders. The group should engage
in meaningful discussions with the current managing
partner and develop a status of management priorities
and action steps. This will ensure that there are no
surprises during the transition and upon transferring
the role. The due diligence that this committee
performs should address, among other things:
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Inside
3 JWho Are You? Making Your
J
Answer Count
4 JWIEC Workshops Help Firms Make
J
the Business Case for Women’s
Initiatives
6 JAICPA Testifies on Small Business
J
Size Standards
6 JPCPS Update: Tuning In to the Top
J
Talent; Hot Topics in PCPS Web
Seminars; $100 Discount for PCPS
Members at Emerging Partner
Training Forum
7 JRetirement Remains Americans’
J
Top Financial Concern
8 JCPA Horizons 2025 Launches
J
8 JSole Practitioner Resource
J
Continued from page 1
• Job descriptions for all department heads and niche
leaders.
• The financial status of the firm.
• Time and billing protocols.
• The firm’s marketing plan.
• Staffing levels and targets.
• Any ongoing or anticipated litigation.
• The firm’s strategic plan.
• Real estate considerations.
The group should be visible and its responsibilities
should be well publicized. The selection of the next
leader is a big deal, and the group must take actions
that recognize its significance.
Define accountability. Once due diligence has been
completed, the ultimate result should be a detailed job
description and a well-defined accountability process.
Performance standards should be coordinated with
a compensation model and the evaluation process
specified. Just like candidates for executive positions
in other businesses, potential managing partner
candidates need to know the compensation system and
the standards with which they will be evaluated.
Rev up the engine for change. The concept of one
individual looming so large and having so much ground
to cover is not a positive motivation to assume firm
leadership. It’s true that being given the managing
partner role is an honor, but honor alone will not attract
successors. Changes that demonstrate a commitment
to a new system will. The mission is to establish
credibility for a new operating model. Change is not
easy and it is best done in a series of small steps.
Depending on your environment, you may or may
not have the time for this series of small steps, but
there are some critical early changes that the current
managing partner needs to embrace. He or she must:
• Increase client contact and client service hours.
When the leader of the firm spends time with
clients it generates multiple dividends. The
traditional dividends are increased services and
higher realization, but there will also be significant
dividends for the transition. It is in the current
managing partner’s interest to play a significant
role in smoothing the transition for clients. The
worst thing that could happen is for the leader to
feel compelled to retire from the firm and the firm
to take an immediate financial hit. In addition, when
the outgoing managing partner is deeply involved in
client contact, the succeeding candidates can see
how this responsibility fits into the regular routine
and how important it is to the firm. In their current
positions, the candidates for managing partner enjoy
the diversity and challenge of working with different
clients. The next leader of your firm needs to know
that serving clients and serving as the firm chief
executive are compatible functions.
• Streamline the reporting process. Establish a system
of information flow so that the value of the decision
is the key, not the magnitude of the detail. Regular
reports should allow the decision maker to review a
summary at the top and delve into the detail as he or
she chooses, similar to the fieldwork process on an
audit or the review process for tax services. It may
be worthwhile to take a few pages out of the old
engagement management checklist and use those
concepts to streamline the management analysis. It
is highly likely that the candidates for the top job like
making decisions and are used to top line judgments.
Creating a system to accommodate that behavior
will go a long way towards freeing up the current
managing partner and enticing the next.
• Empower additional leaders. Increasing the number
of decision makers will make the firm stronger and
elevate the strategic importance of the role of the
managing partner. Task forces and committees
should be deployed to navigate specific projects
and initiatives. Although the managing partner may
chair the committees, depending on the skills of the
other owners or senior managers it is preferable
that they act as chairs and report to the managing
Related Resource
PCPS members have access to a
multitude of valuable relevant tools:
The PCPS Succession Planning
Resource Center’s Succession
Readiness Assessment Tool. Two
versions, one for multi-partner firms
and one for sole owners, enumerate
questions firms should be considering
and point them to related resources.
Numerous resources in the PCPS
Human Capital Center. They include:
• The Firm Competency Model
provides extensive details on goals
and expectations for each level
of the firm in a variety of areas.
It can be found in the Center’s
Performance Management
section.
• The Partner Self-Evaluation form is
in the same section.
• CPA Firm Role Descriptions, in
the Center’s Organization and
Structure section.
• Sample firm organization charts for
firms of various sizes (in the same
section).
• Firms can also find numerous
resources in the Center’s Owner
Development section.
In addition, the AICPA PCPS Emerging
Partner Training Forum, scheduled
for July 13 and 14 in Baltimore,
offers education and networking
opportunities for future firm leaders.
Continued on page 3
The Practicing CPA (ISSN 0885-6931) June 2011, Volume 35, Number 5. Publication and editorial office: 220 Leigh Farm Road,
Durham, NC 27707. Copyright © 2011 AICPA. Opinions of the authors are their own and do not necessarily reflect policies of the AICPA.
Editor: Anita Dennis; email: adennis@aicpa.org
Editorial Advisors: William R. Pirolli, Warwick, RI: Barry D. Beck, Woburn, MA; Peggy A. Dzierzawski, Troy, MI; Jina Etienne, Silver
Spring, MD; Kevin R. Heppner, Madison, WI; Scott W. Kies, Tucson, AZ; Victoria A. Martin, Hickory, NC; Dennis K. Meservy, Las
Vegas, NV; Marc Parkinson, San Jose, CA; Phillip J. Santarelli, Philadelphia, PA; Melody D. Schneider, Fairbanks, AK; Jerry A. Topp,
Fargo, ND; George S. Willie, Washington, DC; Lee D. Wunschel, Toledo, OH; Michelle L. Zimmerman, Indianapolis, IN
2
Continued from page 2
partner. Broadening the leadership base will allow
the current managing partner to spend less time on
details, increase personal time and demonstrate the
kind of confidence in the other owners that should
make the managing partner job much more appealing
to new candidates.
Reengineering a Crucial Role
Every firm is unique and has its own culture and
conditions. Some may have the time to plan and
activate these steps and others may need to turn to
outsiders for assistance. The caliber of professionals
who can potentially become the primary leader of your
firm is enormously high. Reengineering the role of the
managing partner will not only heighten the likelihood
of success for recruiting your next managing partner,
but it will also strengthen your firm and allow for
improved client service. Recruiting the next managing
partner is not about posting the “help wanted” sign.
It is about orchestrating change and that job is a firmwide responsibility.
Ira S. Rosenbloom, CPA, is
the chief operating executive
of Optimum Strategies, LLC,
a consulting firm focused
on helping accounting firms
implement successful business
development and practice
management programs
which maximize their growth
and financial performance
potential. Contact him at ira@
optimumstrategies.com.
Ira S. Rosenbloom, CPA
Did You Know?
PCPS members receive a 5% premium
credit for the AICPA Professional
Liability Insurance Program. This can
represent a tremendous savings for
all practitioners, but particularly for
those in smaller firms. Keep in mind
that those who are members of either
the AICPA Employee Benefit Plan
Audit Quality Center or Governmental
Audit Quality Center receive a
10% total credit, with up to a $400
maximum premium credit applied to
your premium. PCPS members who
are members of both audit quality
centers get a credit of 15%, or up
to a $600 maximum premium credit
applied to their premium.
PCPS BRIEF
Who Are You? Making Your Answer Count
By Leo Pusateri
Who are you? These three words sound simple and
ask a simple question. But is it really? When someone
asks about your background, how do you respond?
Often they really want to know what you do and not
just your name and title, as the question implies. When
you answer the question “Who Are You?” and identify
yourself in a confident and passionate way, giving the
other person a genuine sense of yourself, you make a
powerful emotional connection that creates a lasting
impression. That’s why it’s so important to have a
consistent response, because it sets the stage for your
continuing discussion with the prospect.
There are several steps that will help you answer this
question in a way that sets you apart and encourages
the listener to keep asking questions. Here are some
thoughts to consider to get out of the gate with a
strong start.
Use unique language (your own lexicon) that
reflects who you are and is memorable. Here’s an
example of what I typically say when I’m asked about
who I am: “I’m Leo Pusateri, the president of Pusateri
Consulting. We are a boutique sales consulting and
training organization headquartered in beautiful
Buffalo, New York, and we specialize in and partner
with CPA firms and financial service professionals
to help them compete more effectively on the
philosophies of value.” The key words I’ve underlined
have special meaning and are ones I consistently use
in my message. My clients might laugh when I talk
about beautiful Buffalo, but they remember it—and
me. The same goes for the words boutique, specialize,
partner and philosophies of value. I want people to ask
me about these words. Called “Drill Downs,” these
words prompt follow-up questions. It’s important to be
totally prepared with an answer that leaves a lasting
impression and makes listeners want to hear more.
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What do you want people to remember about you?
You only have one chance to make a great first
impression. Don’t wing it! Be prepared to introduce
yourself with confidence and passion and without
hesitation.
Don’t get ahead of yourself. Seize the opportunity to
differentiate yourself right off the bat. This step begins
the process of setting you apart.
Look for a theme in your professional and
personal background. What makes it special? A
passion for being my best and coaching others to be
their best is mine. What is yours?
Every word counts. Imagine the audience for your
message and polish it accordingly so that it captures
their attention.
Think ahead. If you say something, be prepared for
any appropriate follow-up question. This is where you
really start to stand out. It’s not what you say in the
elevator that is most important, it’s the conversation
that ensues that really makes the difference.
Enumerate where possible. I have this experience.
I’d like to point out these three things regarding my
professional background. Be prepared to give specifics
that back up what you say. Your prospect will admire
how confident and articulate you are.
A good background answer should focus on just
the facts. It begins to position your value and also
builds credibility for your firm and you.
What are the five top things you would tell a prospect
to introduce yourself and your organization? Do you
immediately know what you would say—without any
hesitation? If not, it’s time to do some reflection and
craft an answer that will keep the conversation going.
Leo Pusateri, President and
CEO of Pusateri Consulting
and Training in Buffalo, New
York, works with CPA firms
and financial professionals to
help them discover, articulate
and capitalize on their unique
value. This article is excerpted
from his book, You Are the
Value: Define Your Worth,
Leo Pusateri
Differentiate Your CPA Firm,
Own Your Market, which was published by the AICPA
Private Companies Practice Section.
Related Resource
PCPS Member Benefit: PCPS
members have free access to a series
of live coaching videos featuring
consultant and author Leo Pusateri
talking viewers through the steps
necessary to articulate their unique
value. The package also includes
an instructional PowerPoint and
an electronic workbook. More
information can be found on the PCPS
site.
WIEC Workshops Help Firms Make the Business
Case for Women’s Initiatives
The AICPA Women’s
Initiatives Executive
Committee’s Retaining &
Developing Women Leaders:
Organizational Strategy
Workshop is a two-day
event that will take place in
Chicago on October 17 and
18. The strategic sessions
Lisa Fitzgerald
are designed to help firms
create their own personalized
roadmaps for groundbreaking women’s initiatives. In this
article, Lisa Fitzgerald, Director of HR at Eide Bailly, talks
about the many benefits of her firm’s participation in a
previous workshop. Eide Bailly is based in the Midwest
and has nearly 1,200 professionals in its 19 office
locations. Twenty-two percent of its roughly 165 partners
are female.
WIEC: Tell us a little about what led Eide Bailly to
attend the workshop?
Fitzgerald: When I first joined the firm, both the CEO
and COO were talking a lot about women’s initiatives,
as the topic had been focused upon at several external
meetings and seminars they had attended. They asked
Continued on page 5
4
Continued from page 4
me to help them identify what, if anything, our firm
should be doing as it related to attracting, retaining
and advancing women to leadership ranks. So I ran
the numbers on the current state of our personnel,
based on rank and gender percentages, and it became
clear that there was a cause for concern and room
for improvement. When I heard about the workshop,
I went to Dave Stende, our COO, and proposed that
we both attend to understand more about what
opportunities for improvement were available for our
firm.
WIEC: What were your expectations leading into the
workshop?
Fitzgerald: We weren’t quite sure what to expect
going in, but were rather amazed at what was
presented and the actual tools they provided that
were customized for our firm. We had never conceived
of the “business case” for women’s initiatives in
the way that was presented, and the exercises that
we went through using our firm’s data created an
actual business case for us. It was an eye-opening
experience, and it was amazing that we were able
to walk away with the tools, business case and an
actual slide-deck presentation for management that
we could leverage as we embarked on creating our
own initiative. After the workshop, it was crystal clear
what we needed to do and how to go about it.
WIEC: Out of the activities held there, what stood out
for you or your firm as an area of opportunity?
Fitzgerald: I think that creating the business case was
the stand-out for us during the workshop experience.
It made things very clear for us and gave us the
information we needed in an appropriate format for
immediate use. We used pieces of the slide deck at
our next general partner meeting, which provided
the launching point for the creation of our women’s
initiative. It gave us something tangible to work with,
beyond the hypothetical we would expect from a
seminar or other similar venue.
WIEC: What has your firm accomplished since
attending the workshop?
Fitzgerald: Quite a bit came from our attendance.
After presenting our data at the general partner
meeting and reaching agreement with our leadership
that this was a priority for our firm, we began creating
our initiative, which is called First Focus. We formed
a general committee co-chaired by one male and one
female partner and we created three subcommittees
to focus on specific areas of First Focus. They included
a communications committee, education committee
and performer committee. Communications’ task
is to lay the ground work for our initiative. They
are focused on embedding messaging about the
advancement and opportunities for women in our
existing monthly newsletter in a variety of ways. Our
education committee is incorporating subject matter
relating to gender differences and progression into our
formal training. An example would be requiring study
of the book Gender Talk Works in our new manager
training, because it discusses the expectations of
men and women and how they impact the ability to
communicate. Our performer committee started a
networking group for women at the firm. We invited
female senior associates to attend “focus forums,”
held on a regional basis. Focus forums use selected
facilitators from our client-serving staff, and they
decide which topics to discuss. They also use some of
our time together networking and building relationships
between the regional offices. The forums have also
been helpful for identifying ideas and suggestions for
firm management. Each forum has takeaways, and
the attendees come back with the results of their
takeaways to the next meeting.One of our other ideas
is to create a mentoring program, which is next on our
internal agenda to create and launch.
WIEC: Have you seen any results from your efforts in
creating First Focus?
Fitzgerald: We aren’t really able to do an unbiased
interpretation of our “before and after” head count and
retention statistics because, in the midst of launching
our initiative, we all experienced this dramatic
economic downturn. Our retention went up, but we
can attribute that to the external job market to some
extent. The difference we can see is cultural. People
are talking about gender differences and there is more
awareness around the subject, more than we had
previously seen. Feedback from our focus forums has
been very positive; our women are finding them helpful
and feel they are internally supported more than they
were before. It’s giving our people permission to have
this discussion about gender. It’s out of the closet now
and you can feel that difference culturally. We have
more to do with embedding this further into our culture,
but the ball is rolling and it’s thus far proven very
encouraging.
Related Resource
The AICPA Women’s Initiatives
Executive Committee has planned
a series of Webinars in the coming
months on associated topics,
including:
• “Retaining & Developing Women
Leaders: Organizational Strategy
Workshop—Forming Strategic
Women’s Initiatives,” which will
take place on June 22 from 2 to
3.30 ET.
• “Retaining & Developing Women
Leaders: Organizational Strategy
Workshop—Diagnosing Your
Firm,” on August 11 from 12 to
1.30 ET.
Valuable Workshop
Discounts
Register before August 31 for the
Retaining & Developing Women’s
Leaders Workshop and receive a
$250 discount. PCPS members who
register also receive an additional
$250 discount.
5
AICPA Testifies on Small Business Size Standards
The AICPA asked a House of Representatives Small
Business subcommittee to urge the U.S. Small Business
Administration to increase its small business size
standards for small business accounting firms to $25.5
million from the current $8.5 million. The SBA has
proposed increasing the size standard to $14 million.
Odysseus Lanier, testifying on behalf of the AICPA,
said, “To fully capture the small business accounting
firms that have the resources to invest in the necessary
infrastructure and properly perform services as
required by federal government contracts reserved
for just small business contractors, …the size limit
standard would need to be raised to $25.5 million.” The SBA’s size standards define whether a business is
small and thus eligible for government programs and
preferences reserved for small business concerns. To determine eligibility for federal government small
business programs, SBA establishes small business
size definitions (referred to as size standards) for
most private sector industries in the United States. The SBA’s existing size standards use two primary
measures of business size – receipts and number of
employees. Lanier said the AICPA recalculated the SBA’s proposed
$14 million size standard using data compiled from
surveys of CPA firms conducted by Accounting Today
and its own leading benchmarking survey for CPA
firms (the PCPS/TSCPA National Management of an
Accounting Practice Survey). (PCPS played the key
role in providing the information for the recalculation.)
The recalculation confirmed that, at a minimum,
the proposed size standards would increase to the
intermediate level of $19 million, he said. Furthermore,
he said the AICPA believes the standard should be
increased to $25.5 million to compensate for several
other secondary factors that inhibit the ability of
accounting firms classified as small to compete for
larger contacts in the federal marketplace.
Did You Know?
PCPS membership offers thousands
of dollars in free resources to CPA
firms (www.aicpa.org/pcps). Click
here to learn more about the premium
benefits available exclusively to PCPS
members. For questions about PCPS
membership, please call 1-800-CPAFIRM or e-mail PCPS@aicpa.org.
“Accounting firms contract with the federal government
to provide accounting and attest services as well as
a wide array of consulting services, such as strategic
planning and financial management,” Lanier explained
to the Subcommittee on Economic Growth, Tax and
Capital Access. “The services small accounting firms
provide to the federal government have a strong public
interest component. These services include, among
others, implementation and maintenance of financial
and accounting systems ensuring that taxpayer
resources are effectively and efficiently utilized, and
independent audits of government organizations
and programs to provide reasonable assurance of
compliance with appropriate laws and regulations. As
such, the AICPA believes that the SBA should focus
on the experience and qualifications of the accounting
firms performing the services and ensure the small
business size standard for accounting firms is closely
aligned and appropriate.”
PCPS UPDATE
Top Talent: What Do They Want?
Do you ever wish you had a better sense of what’s
going on in the minds of your firm’s most talented
young people? The 2011 PCPS Top Talent Survey
provides firms with a unique opportunity to learn about
the expectations and aspirations of their high potential
people. The study, which was last conducted in 2006,
offers insights into current priorities and how they have
changed over time. It also helps PCPS create new tools
to help practitioners attract and retain the highestquality staff members. In addition to the survey results,
a commentary putting the results in perspective will be
available exclusively to PCPS members. Visit the survey
site to learn more about what the most talented young
CPAs seek today.
Hot Topics in PCPS Web Seminars
Want to get a quick update on the results of the 2011
PCPS Top Talent Survey in the comfort of your own
office? Then sign up for the next PCPS Web Seminar,
an interactive PowerPoint presentation given by
Rebecca Ryan of Next Generation Consulting, which
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Continued from page 6
conducted the survey for PCPS. Ryan will summarize
the survey highlights and offer insights into what they
mean for CPAs. The presentation will take place on
June 28 from 2 to 3.30 ET.
Mark your calendars for these upcoming seminars:
• “What Should You Blog About?,” given by Vikram
Rajan on July 12.
• “Empowered Productivity: Winning the War Against
Information Overload,” given by Maura Thomas on
August 16.
year’s AICPA PCPS Emerging Partner Training Forum,
scheduled for July 13 and 14 in Baltimore, provides a
unique training opportunity, where future leaders can
receive information and advice from nationally known
consultants and successful practitioners and share
insights and ideas with their peers. PCPS members
receive a $100 discount to the Forum, which is geared
for senior managers on the partner track, new partners
or owners (five years or less) and practice leaders
seeking partnership skills.
$100 Discount for PCPS Members
at Emerging Partner Training
Forum
Preparing young professionals to lead their firms into a
successful future should be a priority for all firms. This
FYI
It pays to be a member! The Private
Companies Practice Section
represents more than 6,700 local and
regional CPA firms. PCPS provides
member firms with up-to-date
information, advocacy and solutions
to challenges facing their firms and
the profession. For many CPA firms,
the price of membership is more
than matched by the thousands of
dollars in free member benefits and
discounts. If you have any questions
about PCPS membership, please call
1-800-CPA-FIRM or e-mail PCPS@
aicpa.org.
Retirement Remains Americans’ Top
Financial Concern
Almost 40% of working Americans say they will never
afford retirement, which, for the second year in a row,
ranks as the nation’s most important financial concern,
according to a telephone survey conducted for the
AICPA by Harris Interactive.
More than half of working adults, 55%, say they don’t
know how much they need to save to retire, according
to the survey. Many who think they know are likely off
in their projections. Asked to estimate how much they
needed to retire at age 65 and live for 20 years, those
earning $50,000 to $75,000 annually said $250,000, at
the median. Assuming inflation and annual expenses of
$50,000, that amount of savings likely would run out in
less than 10 years.
“These statistics suggest we are on the verge of
a retirement crisis in America,” said Jordan Amin,
chairman of the National CPA Financial Literacy
Commission. “Americans don’t know how to prepare
for their twilight years, and many have put off figuring
it out because they’re struggling to make ends meet
now.”
Indeed, higher gas and food prices in particular are
taking a toll on family budgets, according to the survey
of 1,005 adults. Six in 10 Americans have changed
their behavior to offset rising gas prices, according to
the survey. And 48% have made adjustments to deal
with higher food prices. More than half of Americans,
56%, say they cannot save, tamping down consumer
sentiment. Only 16% say they’re financially better off
now than a year ago and 29% say they’re worse off.
All told, 9 in 10 Americans have financial worries, but
none ranks higher than retirement. It emerged as the
top issue on a list of 16 possible financial concerns
facing Americans, ahead of uninsured medical
expenses, the price of gas and rising education costs.
Younger workers have the biggest gap between
expectations for retirement and their knowledge about
preparing for it, according to the survey. Sixty percent
of those aged 18 to 24 say they’ll be able to retire, yet
74% of those in that age group have no idea how much
they need to save in order to make it happen.
Note: The AICPA’s Financial Literacy Resource Center
provides information and turnkey resources for CPAs,
information on 360 consumer resources and details on
volunteer opportunities.
7
CPA Horizons 2025 Launches: Share Your Insights
on the CPA Profession’s Future
Want to learn more about CPA Horizons 2025? Watch this video for an update on this unique, profession-wide
initiative led by the AICPA to gather the insights of CPAs across the country in an effort to examine global trends
and help predict and shape the CPA profession’s future. You can also share your ideas on how the world and the
accounting profession may change by completing an interactive survey on the CPA Horizons 2025 website by July
31. Find out more about CPA Horizons 2025 in the March Chair’s Letter by AICPA Chair Paul V. Stahlin, CPA.
Sole Practitioner Resource
Did you know that the PCPS Succession Planning
Resource Center offers PCPS members exclusive
access to a Succession Readiness Assessment Tool
designed just for sole proprietors? The tool walks
users through the important steps to consider,
including:
• Overall firm strategy and business model.
• Performance metrics.
• Exit strategy and developing a future leader (if
applicable).
• People management issues (for those with
professional staff).
• Standardizing procedures.
This publication has not been
approved, disapproved or otherwise
acted upon by any senior technical
committees of, and does not
represent an official position of,
the American Institute of Certified
Public Accountants. It is distributed
with the understanding that the
contributing authors and editors, and
the publisher, are not rendering legal,
accounting, or other professional
services in this publication. The
views expressed are those of the
authors and not the publisher. If legal
advice or other expert assistance is
required, the services of a competent
professional should be sought.
For every step, the model provides links to related
resources that help firms apply the information in their
own practices. (A similar tool is available for multipartner firms, as well.)
Partnership, Succession and Compensation Issues
What does the 2010 PCPS/TSCPA National MAP Survey say about …
Which of the following does your firm have in place?
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