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• W4671572 abstract "[ILLUSTRATION OMITTED] success of most accounting firm succession plans rests on the firms ability to develop young talent into owners capable of buying out retiring partners and carrying the firm into the future. Unfortunately, many firms have little or no talent ready to assume this role, and many of the firms that do have talented staff on board don't know how to convert them into owners. This inability to find or recognize young talent who can take the place of retiring owners is the main reason so many firms have to sell to an outsider to finance partner retirements. Some firms, however, can manage an internal succession. How can a firm assess and create its internal succession readiness? This article examines the process. PERFORM SUCCESSION TRIAGE ON YOUR FIRM A successful internal succession plan is usually determined by the firing ability to at least maintain its level of business following the transition of an owner. There are three key things to focus on when assessing the risk associated with transition. first two, timing and client loyalty, were discussed in detail in the second article of this series (see The Long Goodbye, Aug. 2013, page 36). third issue is replacement of retiring partners. How do firms replace a retiring partner's role? Sometimes they can allocate the retiring partner's duties to other partners in the firm. As an example, a partner in a five-partner firm is managing a $750,000 general book of business. remaining partners believe they can allocate the clients among the existing partner team because they all have the capacity to take on extra work. billable hours for the retiring partner will need to be replaced. However, that can be done across all levels of the firm by hiring two more staff members. A new partner does not need to be added to the team to replace the retiring partner. This is called role reallocation. In contrast, firms may lack the necessary capacity in their partner group and need to bring on a new partner to take over the responsibilities of a retiring partner. This may be due to a lack of the necessary capacity at the partner level to assume all the responsibilities left behind. Or the retiring partner may have special technical skills or firm management responsibilities that are significant. This is called role succession, which means the firm needs to create succession for this partner's role. tool in Exhibit 1 can help in determining the timing and extent to which partners will have to be replaced. Based on Exhibit 1, one could conclude the following for this example firm: * first partner who will be retiring does not appear to pose a significant succession threat. firm believes it has the capacity within its current partner group and other resources and does not need to replace this person. * second set of retirements is potentially a critical situation. This firm needs to make sure it has new partners in place in time to properly transition these retiring partners' roles. Admitting new partners may be necessary as early as two to four years from now. Remember that when the firm is replacing a partner in role succession, it should be replacing the role, not just the body DO YOU HAVE WHAT IT WILL TAKE? There are four major phases to executing internal succession: * Obtain the necessary talent to develop internal successors. * Develop the talent so it is ready to step into the role. * Have a proper financial arrangement--both for admitting new partners and buying out retiring partners. * Develop and execute a transition plan for a retiring partner's duties. What constitutes the proper financial arrangement and how to develop and execute an effective transition plan will be addressed in the next two articles of this series. Obtaining and Evaluating Talent A significant number of firms have not developed a process to evaluate both the talent they already have on board and what additional talent they need to recruit. …" @default.
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• W4671572 date "2014-02-01" @default.
• W4671572 modified "2023-09-24" @default.
• W4671572 title "The Identification and Development of Young Talent Is Essential" @default.
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