Succession Planning (CPA Firm)

Definition

The process by which a CPA firm prepares for the departure of key personnel or ownership by documenting workflows, cross-training staff, and establishing systems that allow the practice to continue operating without disruption. Effective succession planning reduces reliance on any single individual and protects the firm's client relationships and revenue. It applies not only to retiring owners but also to the loss of any employee whose departure could destabilize daily operations.