Find the original article posted by the American Institute of CPAs.

June 10, 2013
by Joel Sinkin and Terrence Putney, CPA

Powerful forces are transforming the accounting profession in the United States. The Baby Boomers are heading into their retirement years. Baby Boomer CPAs are in charge of most U.S. accounting firms. And most U.S. accounting firms don’t have a signed succession or practice-continuation plan in place.

These realities are rewriting the rules for U.S. accounting firms and CPA firm owners. Gone are the halcyon days of whipping together a succession strategy, transitioning the clients to the next generation of CPAs, and riding off into a retirement funded by the new partners at the firm.

Firms today must contend with unprecedented financial, cultural, and marketplace changes. To help CPAs deal with these changes, the CPA Insider is presenting a succession series designed to help accountants navigate the new landscape of succession and mergers. This installment examines the importance of understanding the firm mergers-and-acquisitions (M&A) market when preparing a succession plan.

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