Whilst the items to consider in this issue are tailored more towards Sole Practitioners, which in Australia represent the majority of the tax accounting industry.

More than 50% of the accounting firms in Australia currently have a principal or partners who are over the age of 50. And there are a reasonable number of firms with multiple partners in their 50’s or 60’s.

When we first met Kim and Rick, they’d not given too much thought to their Succession Planning. Like many busy accounting practitioners, they were consumed with the day to day grind.