Shrinking pensions; insufficient capital in the practice to pay out retiring partners; a dearth of high calibre new partners prepared to invest in the business; problems with client retention as partners retire; no hope of early retirement; no possibility of continuing independence. These are just a few of the retirement and succession problems facing independent practices according to a recent survey undertaken by KATO Consultancy in association with Accountancy. Not only did the number of respondents far exceed expectations ― a sure sign that this whole issue is very much front-of-mind with partners ― but the sheer number of problems that they had identified and were struggling to find solutions to was also much greater than expected.
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