Small family-owned CPA firms know the accounting profession doesn’t have the same allure it once did. CPAs who planned to leave their firm’s legacy with their children are finding that the kids aren’t interested.
Today’s young people are more attracted to careers in technology, engineering and finance, according to some CPAs. As a result, succession planning for family firms is becoming more difficult as family members pursue career opportunities outside of the accounting profession.
There is room for optimism, however, with ways to help small firms pass on ownership to the next generation.