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Succession planning concerns in the North West

Small accountancy firms in the North West are facing pressure over succession. Partners are finding themselves unable to retire because they can’t find suitable candidates to take over their practices.

As there aren’t enough buyers in the marketplace to replace the number of partners in the firms that need to exit, many see this becoming a real issue over the next 50 years.

Careers in small practice have held less appeal for up and coming accountants in recent years, as more find themselves drawn to the perks that come with working in Big Four firms or in the finance function of large companies.

As such, the entrepreneurial talent that is needed for partner roles is becoming harder to find. Many accountants that come through the ranks are trained to develop strong technical skills but they just don’t have the commercial or business skills required to run a small to medium accountancy practice.

If you would like to find your next accountancy job in a small or medium practice, search our accountancy jobs or contact your local Hays office.

If you would like to discuss succession planning in your firm, get in touch.