Succession Planning and Aging Owner/Partner Transition
Definition
Small and mid-sized accounting practices face an acute problem with owner and partner succession. The AICPA survey identifies 'aging of owners/partners' as a top 5 concern for firms with 6-10 professionals, and 'developing the next generation of leadership' appears in top 5 concerns for firms with 6-20+ professionals. The problem is compounded by the skilled worker shortage—there are insufficient qualified professionals to promote into leadership roles. This creates: (1) risk of business dissolution when owners retire; (2) inability to transfer client relationships and institutional knowledge; (3) loss of firm value; (4) disruption to clients and staff. For sole practitioners and small partnerships, this is existential.
Key Findings
- Financial Impact: For a $1M revenue 10-person firm: $300,000-$500,000 potential value loss at exit
- Frequency: annual
Why This Matters
Succession planning consulting, firm merger/acquisition platforms, leadership development programs, firm valuation services, buy-sell agreement services
Affected Stakeholders
Owner/CPA/Bookkeeping Practitioner, Firm management, Mid-sized firms particularly (6-20 professionals)
Deep Analysis (Premium)
Financial Impact
Data available with full access.
Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Related Business Risks
Severe Skilled Worker Shortage and Hiring Crisis
Staff Retention and Burnout from Workload Overload
IRS Compliance and Interaction Challenges
Service Quality Degradation and Error Risk
Declining Pipeline and Accounting Program Enrollment
Regulatory Complexity and Compliance Updates
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