Running an accounting firm takes years of hard work. But what happens when a key partner leaves or the owner steps back?
Most firms don't have a clear answer, and that's a real problem. Too many firms focus on client work but ignore the bigger question of what comes next.
Barrett Young, CPA thinks about this every day. He's a Tax and Marketing Partner at GWCPA, where he leads tax strategy and firm marketing. He helps business owners plan their exit and protect what they've spent years building.
He is also the host of 'The Art of Succession Podcast', where he talks to owners who have bought or handed on their businesses. Barrett combines solid accounting knowledge, strong leadership, and practical thinking to help firms build something that lasts.
In this episode, we'll explore the key ideas Barrett shares about succession planning. We'll look at how firms can build a clearer identity and bring succession into everyday client work.
We'll also cover why clear roles matter during tax season, how electronic payments reduce stress and errors, and why firms that rely on a single person stay stuck.
Moreover, we'll look at how shared decision-making helps firms grow and what it takes to build a long-term vision that the whole team believes in.
How Does Succession Planning Build a Practical Firm System?
A strong succession plan grows through steady choices, not last-minute decisions. A long-running firm often carries years of habits, so the team must decide what still works and what needs a fresh start. The aim is simple. Keep the good, improve the rest, and guide clients with confidence.
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Creating a clearer identity
A clearer identity helps everyone move in the same direction. A shorter name, updated colours, and a clean website send a simple message about who the firm serves. A new workspace can add to that shift and support smoother work. These changes look small, but they give the whole team a sense of focus.
Bringing succession into everyday client work
Succession shouldn't arrive as a surprise. Clients want early talks about partner exits, ownership changes, or a possible sale. When the firm raises these topics in normal meetings, clients feel safe to plan.
They can think through their choices rather than rush them. This approach also fits well with firms that have served several generations. Long ties need long planning.
Strengthening roles during tax season
Clear roles help the team stay calm during tax season. One partner handles all business tax returns, while the other focuses on individual clients and firm leadership. This split removes confusion and speeds up decisions.
A partner-level reviewer then supports both sides. Weekly review sessions show the whole team how experienced staff assess a return.
The calls are simple, open, and focused on quality. They also help new staff keep pace. A few shared notes and short review cycles often make a big difference.
Adding order through EOS
A structure like EOS brings clarity to daily work. A director of tax oversees tasks, sets priorities, and maintains the flow. Partners still sign returns, but they follow the same system. This reduces stress during peak periods and keeps the team aligned.
Practical upgrades that support clients
Two updates add real value:
K-1 advisory letters that help partners plan extensions early.
Electronic payments for tax bills and refunds speed up the process.
Together, these choices create a smoother path for long-term succession.
Why Do Electronic Payments and Structure Support Succession Planning?
Paper payments still create most of the noise in tax work. A cheque can land in the wrong year, the wrong account, or vanish into the system.
Joint returns add more confusion when one spouse pays, but the system doesn't match it. Then the notices arrive. Clients worry, firms scramble, and time disappears.
Across several states, this problem multiplies. Each agency runs its own process, and most still rely on dated systems. So firms spend hours proving that payments were made. It's frustrating, and it's avoidable.
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Why electronic payments matter
Electronic payments cut through that chaos. They post to the right place, record the right year, and confirm receipt. Other countries moved away from cheques long ago, and the results speak for themselves.
The challenge in the United States lies in the patchwork of state platforms. Each state has its own site and its own steps. There's no single view.
A unified tool helps bring order. A dedicated platform allows the firm to:
Enter the correct payment amount and tax type.
Send a secure request directly to the client.
Receive confirmation once the agency accepts the payment.
This replaces paper coupons, manual emails, and guesswork. Moreover, it reduces the number of tax notices, which protects the trust and keeps clients calm. The aim is full adoption because paper simply creates too much risk.
Why clearer roles support smoother work
Systems improve when structure improves. An accountability chart maps real responsibilities, not job titles. Each person sees where they fit and what they own. This clarity spreads work across the team and reduces reliance on one key individual.
That said, it also opens growth paths. Staff can see where they might move next. Directors take ownership of departments, and issues get solved at the right level. When better payment systems sit alongside clearer roles, firms run with less friction and build a stronger base for long-term succession.
How Can Succession Planning Help a Business Grow Up?
Many firms stay busy for years but never really grow. They repeat the same patterns, and everything still runs through one person. When that happens, the business looks mature on paper but acts like a five-year-old. If one person makes every call, the company can't stand on its own.
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Why owner-centred firms stay stuck
When decisions rest at the top, the whole firm depends on a single leader. That creates key-person risk, and it limits value. The team focuses on tasks, not judgment. The owner carries too many roles and works long hours just to keep things steady.
Over time, the business becomes a lifestyle operation. It earns money, but it doesn't build strength. That might feel normal, but it holds the firm back.
The team doesn't practise decision-making.
Leaders solve problems too quickly.
Growth stays flat because systems don't change.
How shared decision-making strengthens the business
Real growth starts when leaders push decisions down to the right level. Not every issue belongs in a leadership meeting. Teams should solve routine problems and then report the outcome.
One habit helps a lot. When someone brings a problem, ask questions rather than answer. It feels slower at first, and yes, it can be frustrating. However, it builds judgment. Over time, people think like owners rather than assistants.
The role of long-term planning
A clear long-term vision keeps the firm moving forward. Succession planning supports this by forcing leaders to build a company that can survive without them. It also opens honest talks about risk, future leaders, and exit plans.
How will decisions shift over time?
Who steps up next?
What happens if something unexpected occurs?
Helping the team align with the vision
A ten-year plan only works if people see themselves in it. One-to-one conversations help staff speak openly about their goals. Some want growth, some want stability, and some want change. Understanding this shapes better roles and a stronger structure.
When decisions spread and planning becomes normal, the firm moves past the toddler stage and into real maturity.
How Does Succession Planning Build a Team and Long Term Vision?
A firm grows more healthily when it gives people the structure they need to plan their work and their futures.
A dedicated development lead brings this to life by meeting with the team regularly, helping them set clear goals, and breaking those goals into simple steps they can take each quarter. It creates steady movement instead of guesswork.
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Why a development lead matters
Many firms rely on each manager to guide their own team, and that creates uneven support. A single development lead removes that gap and gives everyone the same chance to grow.
The role helps people think about their career path, talk openly about doubt, and see options they might miss on their own.
This matters even more when someone feels stuck. A mentor with broad experience can share honest views about change, risk, and long-term fit. It gives people comfort and direction at the same time.
How vision and teamwork connect
A long-term vision sets the course, but the team moves the ship. The leader points to the future. The team makes the daily choices that push the firm forward.
Each person needs to think, judge, and act with purpose. Without that, even the clearest vision comes to a halt.
Vision provides clarity: It shows where the firm is heading and why that direction matters.
Team action drives movement: Daily decisions carry the firm towards that shared goal.
Shared responsibility builds strength: The firm grows more resilient when people take real ownership.
This balance becomes even more important as technology shifts the field.
How the next steps take shape
Quarter two turns the long-term vision into simple, practical work. The strategic retreat sets the three-year picture and breaks it into clear quarterly priorities.
The firm also plans to improve sales conversions and build stronger partnerships, so growth stays steady rather than rushed.
The aim is clear. Build a firm that stands on shared effort, not a few central figures, and guide the whole team towards a future they can shape together.
Conclusion
Good succession planning doesn't happen overnight. It grows through small, steady choices made by the whole team. Clear roles, shared decisions, and early client talks all add up over time.
It's not just about who takes over when someone leaves. It's about building a firm that works well without relying on a single person. That's what creates real, lasting value. And honestly, most firms wait too long to start.
The good news? You don't need a big plan to begin. Simple steps like weekly review calls, clear role charts, and better payment systems all move the needle. Moreover, when your team starts making decisions at the right level, the whole firm gets stronger.
So start now. Set a clear vision, involve your team, and build the structure that supports long-term growth. It's never too early, but it can definitely be too late.
FAQs
When is the right time to start succession planning?
Honestly, the answer is simple. Start now. Most firms wait until a partner is ready to leave, and by then, it's too late to plan well. The best time is when things are calm, and the team is strong.
How much does succession planning cost a firm?
It depends on the size of the firm and what help you bring in. Legal advice, valuations, and consultants all add up. But here's the thing: not planning costs far more in the long run.
Does succession planning change how clients feel about the firm?
It does, and for the better. Clients feel safer knowing the firm has a clear future. It shows them that the firm thinks long term, and that builds real trust over time.
How does succession planning work for sole practitioners?
It's harder, but it's just as important. A sole practitioner needs to find a buyer, a merger partner, or a trusted colleague well in advance. Without a plan, clients don't know where to turn.
What legal steps does succession planning involve?
Firms need buy-sell agreements, clear ownership terms, and transfer documents. Get a solicitor with business experience involved early. Don't leave legal matters until the pressure is on.
