AAM Minute Monthly Poll

We are asking our readers to contribute to our topic conversation and share a little about what they do in their firms.

Last month, we asked about your succession planning and here is how you answered:

Q1: Are you involved in succession planning?
Yes 33.33%
No 66.67%

Q2: How far in advance do you plan for transition?
1 year 33.33%
2 years 16.17%
3 years 0%
4 years 0%
5 or more years 50.00%

Q3: Is there a succession plan for your role?
Yes 11.11%
No 88.89%

Today’s marketers play a big role in developing the next generation of leadership at an accounting firm. We craft the firm’s communications strategy on partner transition and spotlight the next generation of leaders to build their brand both internally and in the marketplace.

According to the American Institute of CPAs, 75 percent of today’s CPAs will be retiring in the next 15 years. At the same time, the US Bureau of Labor Statistics predicts demand for accountants and auditors will grow at a faster-than-average rate of 11 percent through 2024. This impending massive talent gap is forcing firms of all sizes to not only tighten their recruiting and retention strategies, but to re-examine succession planning.

This is a great time to get into the succession planning game at your firm. Ask your managing partner if there is a firm succession plan in place and if you can help with any of the goals within the plan. If there is no plan, then ask if you can assist in building one. Having a succession plan can be a sign of business stability and longevity to existing and potential clients, as well as potential employees.

Check out this article from Lesley Hatfield on“The Accounting Marketers’ Role in Succession Planning“ that has great advice about how you can engage in the succession plan for your firm. 

This month we ask that you please take a minute for the minute and answer this month’s poll questions on your upcoming milestones.