Planning for succession at many CPA firms is often treated as if dealing with a serious medical condition. Sadly, too many practitioners feel that if they ignore it long enough, the succession problem will go away. Therefore, they procrastinate until they are faced with a number of unpleasant alternatives – such as a hastily arranged merger with unfavorable terms, or shutting down the business entirely.

One of the most frequent questions practitioners ask with regard to succession planning is the basic premise of "when should I start? My answer to them is simple: Succession planning ideally begins the day the firm opens its doors for business. But seldom, if ever, is that proactive strategy deployed.