Succession planning for small firms tackled in new resources.Succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — routinely comes up as an urgent issue for CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. firms. To help members work through this challenge, the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). and its firm membership section, the Private Companies Practice Section (PCPS PCPS Primary Care and Population Sciences PCPS Partners for Child Passenger Safety PCPS Pleasant Corners Public School (Canada) PCPS Plymouth Counselling and Psychotherapy Service (UK) ), have launched an extensive initiative on succession planning. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a 2004 PCPS research study, 60% of CPA firms have owners in the 55 to 62 year age bracket, and more than half (56%) of the firms have at least one partner retiring in the next five years. Yet, according to the study, 81% do not have a written succession plan in place. This proportion rises to 96% among the smallest firms with annual revenues under $150,000. PCPS's succession-planning resources include: * Succession Book with DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. . Securing the Future: Building a Succession Plan fi)r Four Firm (No. 090486CPA07) includes a DVD containing tools, checklists and expert commentary and analysis. The comprehensive book emphasizes that succession planning should not be seen as an optional management task, but an integral part of building a strong firm. $48 PCPS members/$76 AICPA member/$95 non-member. * CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment course. A new CPE course adds CPE elements to the above book and DVD. "Succession Planning: Strategies to Protect the Value of Your Firm" (No. 180321CPA07) can be used both for onsite group study or self-study training. With a price of $160 AICPA member (20% discount for PCPS members)/$200 non-member, the course offers 10 CPE 50-min. credits. Additional manual No. 350320CPA07, $45 member/$56.25 non-member. Use promotion code GR to obtain PCPS member pricing on the above products, which will be available July 31 through the Member Service Center (see page 10). * M&A Forum. For a practical view of one kind of succession planning, attend "A Real-World Look at Accounting Firm Mergers," to be held Sept. 15-16 in Chicago. Other initiatives on succession planning were two Webcasts that took place in May and June (visit www.cpa2biz.com/webcasts for archived Webcasts), a special track at the Practitioners' Symposium last month as well as an optional seminar at the Accounting Firm Partner Compensation Forum. A Webcast on succesion planning for valuation services firms will be offered on July 13. PCPS represents almost 6,000 local and regional CPA firm members. For more information about PCPS, call 800/CPA-FIRM or visit www.aicpa.org/pcps. |
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