Practice continuation for small firms.

• Position: CAMICO Insurance: tip of the Month

Who would complete the work for your clients if you became disabled? Potentially negative effects, such as missed opportunities or damage to a client's business, are risk exposures that can come into play when a CPA is unable to work. CPAs who have not developed a practice continuation plan may be inviting future lawsuits against themselves or their estates and leaving their spouses, families and heirs with the daunting task of trying to figure out what to do.

Some basic steps toward getting a practice continuation plan started may include:

1. Create a checklist of important resources and phone numbers.

2. Assemble a set of practice and operating documents.

3. Decide on a continuation arrangement/agreement.

4. Identify, approach and partner with a suitable firm(s).

A...