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Article: Practice survival; planning for the next generation. (accounting firms)
- Article from:
- The National Public Accountant
- Article date:
- October 1, 1990
- Author:
CopyrightCOPYRIGHT 1990 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PRACTICE SURVIVAL
Planning for the Next Generation
Local accounting firms rarely survive into the second generation. Once the founder retires or dies, the firm often disbands with individual practitioners going their separate ways or, in growing numbers of cases, "merge" themselves out of existence. To survive into the next generation, local accounting firms first must solve the single biggest problem they will face upon the founder's death or retirement: a lack of effective leadership.
Generally, because the founders of the firm are entrepreneurially and technically focused, there often has been no need for a formal structure in the office. ...