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Plan For Your Last Busy Season

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Even if your plans are years down the road, you must start mapping out an effective succession or transition plan early to enable you to realize the full value of the work you put into your firm. Consultant Art Kuesel offers five steps to planning for your final busy season.

Jun 1st 2022
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Whether you look forward to two more busy tax seasons or 20, you should start planning today for a practice transition or sale that realizes the true value of your hard work.

I have tremendous respect for those of you who’ve weathered the storm and emerged triumphant: We’ve been tested, and we’ve passed. The ups and downs of COVID-19, the challenging labor market, supply chain issues, and inflation have been enough to make any business owner throw their hands up in surrender. And many business owners have— and without proper planning, walked away without extracting the real value they built over the years.

So, what’s next for you and your practice? Look a few years down the road: Do you still want to be sitting at your desk, or do you have different plans? Here's what you can do today, to plan for that day:

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1. Define the Next Phase and Timeline

Perhaps you’d like to retire from full-time work but still do part-time consulting, or maybe you want to sell your firm as soon as you turn 66. Or maybe you’re still deciding!

Even if you’re not sure of what you want to do after you leave the firm, it’s important to set a timeline that’ll help dictate your actions. For example, if you want to transition away from your firm in two years, your action plan will be different than if that timeline is 10 years.

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