Succession planning: What's the future hold for you and your firm?

"Failure to plan for succession is the greatest current threat to the future of firms and should be firms' most important strategic issue," says August Aquila, vp, American Express Tax & Business Services. The three major issues facing firms are:

1. Staffing - finding the right staff with

2. Services - providing profit enhancement services for clients and

3. Succession - having an effective plan to transition the practice to a new owner, thus making sure that the practice continues.

Eight of the Top 25 U.S. Firms, circa 1973, remain today. Only three are intact. None are operating under the same name. Many did not have succession plans, either not developing the next generation of leaders or not creating a stable retirement plan.

Eight of the Top 25 U.S. Firms, circa 1973, remain today. Only three are intact. None are operating under the same name. Many did not have succession plans, either not developing the next generation of leaders or not creating a stable retirement plan.