Content Summary
A good succession plan should include the specific actions your firm will need to take if a partner can’t provide professional services to clients.
It’s also important to be investor-ready and have an exit strategy so you can respond quickly to an unexpected acquisition opportunity. You need to the ability to present your firm as an attractive investment opportunity.
You also need to develop a performance culture in your practice to ensure you deliver high-quality service to your clients. Our information about growing your business and risk management provide useful information on how to do this.
- Under APES 325 Risk Management for Firms, public practice firms are required to document their succession plans as part of their risk management framework.
- Risk management framework tool
Tips for succession planning
- This should be considered an essential component of your risk management strategy.
- Focus on maximising the value of the firm, services offered, the firm’s inherent profitability and the quality of your client base.
- Be ready for opportunities to merge or sell.
Succession guides
These guides are primarily for small and medium size practices. They’ve been designed to provide practical tools to help you to plan and position your practice in the marketplace.
Workpapers
Checklists
Test your succession readiness
Use our online diagnostic tool to quickly assess your succession readiness, options and an indicator of your practice value.
Discover more
Lenders and banks escalate demands for accountant’s letters
Insistence from financial institutions for accountant’s letters is dangerous territory
- Public practice
article·Published onHow CDR rules affect you and your clients
Advisers are front and centre when dealing with financial providers on behalf of clients
- Public practice
article·Published onWhat financial advice can New Zealand practitioners offer clients?
Financial advisers are subject to a code of professional conduct. What exemptions apply for accountants?
- Public practice
article·Published onProfessional indemnity insurance claims
6 November 2020 | What public practitioners need to know about PII
- Public practice
Published on31 min read timeRegulatory Burden Report: Impact of complex regulatory frameworks
1 November 2019 | A look at how public practitioners and their clients are impacted
- Public practice
Published on29 min read timeProfessional indemnity insurance portal
Manage your professional indemnity insurance records in one place online
- Public practice