One simply doesn’t attend a conference to remain the same. This is something I’ve been saying for years, and with that in mind, change often starts at most basic firm level.
But what exactly makes the most sense to change? This was a core issue addressed this week at the AICPA Engage conference, in a session entitled “Hot Topics in Practice Management.”
Lead by Lisa Simpson, CPA, associate director of firm services in the AICPA’s PCPS group, and Carl Peterson, CPA, vice president of small firms at the AICPA, the two offered attendees a peek at some of the top issues bearing down on small and large firms.
They stressed that the key factors for firm success at all levels begins with:
- Changes in structure, strategy, and business model.
- Use of technology.
- Client relationship building.
- Staff development.
And change they must if existing businesses wish to survive over the next several years, and the approximately 12,000 sole practitioner-owned firms that are getting ready to exit the business wish to sell or pass on something of value.
On the transition note, Simpson quoted some PCPS study numbers that found 56 percent of firms do not have a written partner agreement for succession, and 93 percent of sole practice owners do not have a practice continuation agreement.