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.
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Awareness
What is financial abuse and why do victims rarely report it?
- Public practice
Financial power of attorney
Understand the various categories of Power of Attorney relevant to financial decisions
- Public practice
Remediation
Understand the steps you should take if you encounter the financial abuse of older people
- Public practice
Recognition
Learn to identify the potential warning signs for financial abuse of an older person
- Public practice
Elder abuse services
These services provide information, advocacy and support for issues of financial abuse of older people
- Public practice
Ethical and professional considerations
Accountants have a duty to provide advice and assistance that is competent and ethically sound
- Public practice