Mergers and acquisitions among smaller accounting firms are increasing as partner retirements loom. AICPA figures show that in less than five years, 75% of all CPAs in the U.S. will be near or at retirement. The AICPA also notes that 67% of small accounting firms don't have a formal succession plan. Hence, many of these firms would welcome a "white knight." The AICPA's Succession Planning Resource Center provides the resources firms need to be succession-ready.
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