There are many pathways to succession. Many practitioners in the accounting space are choosing to broaden their succession options by appointing an equity partner. But how do you find the right one?
Succession via partner placement is chosen by some practitioners as it gives you the opportunity to remain in control of your firm in the medium term, progressively selling down equity while still receiving salary and profit share. But it can come with its own challenges.
Not every business is lucky enough to have suitable partner candidates already in place in their firm, ready to be mentored for succession.Even if you have a likely candidate in mind, you may find that your internal candidate’s goals don’t precisely line up with your needs. They might be expecting you to vendor-finance the arrangement or discount the buy-in price.
Or, after years of mentoring, they might just turn out to be unsuitable for the partner role. Or they could just decide it’s a good time for a career change out of the blue!
The best-laid plans can go awry. So, what do you do when this happens?
If you are committed to the partner path then you could consider an external appointment - even if you already have an internal candidate in mind, if for no other reason than comparison.
To help meet this need Practice Exchange has just released its Partner Candidate Board to give an overview of candidates suitable for accounting practices and financial planning practices. You can find the Candidate Board here.
It’s useful to know the kind of candidates that are available. When it comes to choosing a candidate who is a good fit, the bottom line is that your requirements will be as unique as your practice.
Please feel free to give us a call so that we can help you find a candidate to meet your needs.