Secure your firm's Future.

The Private Companies Practice Section (PCPS) has commissioned succession planning expert Bill Reeb and his partners Dom Cingoranelli and Michaelle Cameron to develop a two-volume set to help firms: Securing the Future: Building a Succession Plan for Your Firm. Here's information about what the volumes cover and how to acquire them.

In recent years, The Practicing CPA has several times addressed the issue of planning for succession in a firm. The articles responded to survey findings, along with demographic data, which led to conclusions that CPA firms, as well as many of their client companies, are unprepared for a smooth transition. For example, in the March/April 2007 issue of The Practicing CPA, Gary R. Trugman, CPA/ABV, MCBA, ASA, MVS, the founder of Trugman Valuation Associates, Inc., in Plantation, FL, addressed the effect of demographics on the accounting profession in an article titled "The Graying of the Profession." In his article, Trugman warns that "the aging of so many of us [CPAs] will be a serious problem for the profession if we do not do something about it. What will happen to our profession ten years from now as we start to retire?"

Although the aging of the profession needs to be addressed, unexpected events may arise from other causes (for example, death or illness) that may place firms in difficult positions. Firms can avoid the disorder of being unprepared for transitions by planning well before partners are ready to retire.

To help firms develop long term succession planning goals and processes, the PCPS commissioned a two-volume set of succession planning books from CPA firm consultants Bill Reeb and Dom Cingoranelli. The books are titled Securing the Future, Volume 1: Succession Planning Basics and Securing the Future, Volume II. Taking Succession to the Next Level. For readers' convenience, the books (paperbacks) are available individually or as a set. The two-volume set offers a savings.

The following are brief summaries of the volumes of Securing the Future: Building a Succession Plan for Your Firm:

* Succession Planning Basics (volume...