firm ownership

The majority of business owners are planning on the proceeds from the sale of their business to fund their retirement. However, the 2013 State of Owner Readiness Survey revealed that over 80% of business owners have no formal transition plan.

A recent survey by the National Society of Accountants reveals that less than a third (28%) of firms have a succession plan. Practitioners should think about succession planning as early as possible and draw up a plan to transition client relationships to an internal successor or an outside firm.