As a CPA in public accounting, you have either heard about or experienced the statistics of retiring baby boomers and the challenges this presents for accounting firms.

With approximately 10,000 baby boomers retiring every day, firms are faced with the task of transitioning their book of business to the next generation of partners.

According to recent articles by The Tax Adviser and Thomson Reuters, many accounting firms do not have formal succession plans in place, leaving them unprepared to handle the transition of retiring partners and the transfer of their client base. Additionally, firms may not have a clear understanding of the value of their retiring partner’s book of business, which can negatively impact the firm’s financial health.

So, what can CPAs who are not yet partners do to ensure their career success and advancement? The first step is to assess if their current firm has a formal succession plan in place, and either directly or indirectly evaluate whether they are part of that plan. If not, consider finding a firm that does. A firm with a well-established succession plan will communicate a clear path to partnership and the opportunity to take on additional responsibilities that prepare them for the transition of retiring partners and the transfer of their client base.

As a recruiter and career coach for CPAs in public accounting, I can assist CPAs in finding the right firm that aligns with their career goals and values. Many of the firms with whom I work have a formal succession plan in place, and are looking for talent with the ability to come up through the ranks.

Overcome Newton’s Law: A body at rest tends to remain at rest. Complacency may cause the retirement of boomers to catch you off guard. By taking proactive steps to find the right firm and opportunities, you can position yourself for career success and advancement. If you’re interested in finding the right firm, give me a call.

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