Succession planning for your peer review practice is not so different from succession planning other parts of your practice. The AICPA’s Private Companies Practice Section (PCPS) has created a Succession Planning Resource Center, which has numerous resources available, including webcast series for sole practitioners and multi-partner firms. There are many resources that are publicly available and additional resources are available to PCPS Section Members.
Not a PCPS Member? Click here to sign-up for access to all the PCPS tools and gain access to:
1. Customizable practice management tools
2. Publications and webcasts
3. Networking opportunities and
4. Discounts on AICPA conferences and resources.
You should consider a few unique aspects regarding the succession of your peer review practice. You can sell or transition portions of your practice by geographic location or specialized industry. Additionally, you should evaluate if the administering entities (AEs) of your clients have any bearing on your succession plan. For example, if a large portion of your practice is administered by the National Peer Review Committee (NPRC), but the potential buyer is not, will the buyer change its AE, or should you sell them only the portion not administered by the NPRC and develop a different plan for your remaining clients.
Need help finding someone that might be interested in your practice? By using the AICPA Peer Reviewer Search, you can select criteria that align to your practice, or a portion thereof, to find a listing of reviewers who have a similar practice make-up. Additionally, some state boards of accountancy and some state societies have resources to assist in succession planning, contact them to see what assistance they can offer. You can also reach out to the AICPA PCPS team with questions, available at firstname.lastname@example.org or 1-800-CPA-FIRM.