In a new survey, more than half of multi-owner accounting firms (55%) reported experiencing succession challenges, up from 26% in 2016.
The 2020 Succession Planning Survey, a joint effort of the AICPA and the Succession Institute LLC, indicates demographic changes, like the aging of the baby-boom generation, account for the large shift. More than a quarter (26%) of respondents said they plan to retire within the next five years.
The survey did not find that the COVID-19 pandemic affected most firms’ plans for succession. More than three-quarters (76%) of single owners and sole practitioners said the pandemic has not changed their time frame for retirement. See more findings.