Accountancy Firms Succession Planning
You’ve spent years building up a successful practice, and now it’s nearing the time you, or one of your partners, will take a step back. There are many issues to consider to ensure the firm is valued in a fair and equitable manner.
Questions that may be on your mind:
- How do we value our practice?
- Is it affordable for a new partner?
- Can we afford to pay out a retiring partner?
- Should we use a restraint arrangement?
- Should there be "claw back" clauses for lost clients?
- What should we build into our partnership or director's agreement?
- Can we eliminate goodwill?
- What is a lock-step entry agreement?
- Should we share profits equally?
What we do:
- Firm valuation scenarios
- Affordability assessment
- Preparing "offer documents"
- Review previous succession plans
- Design partnership agreements
- Facilitated succession negotiations