Accounting Practices

Buy Sell Merge Accounting Practices

I recently read an article about an established All Black feeling the pressures and expectations of filling someone else’s shoes (or in this case, boots).


It was an interesting article which had mentioned that he was in line to take over a key position in the All Blacks backline due to the overseas departures of several players.


He had been groomed for succession over the years and now his time had come to step up to the plate. On paper and through his peers he was the absolute logical choice to take the top spot.


However, he then goes on to say that, at that point he was struggling and not enjoying his rugby - Did he put too much pressure on himself to perform? Perhaps he thought he was a shoo-in and no longer had to prove himself? Maybe the abusive social media critics were starting to get to him?


Surely, all these factors must have contributed in some part. However, one thing we can be certain of is how unaware this All Black was of the pressure and unknown requirements the new role had!


Take a moment to think about the above…


Doesn’t this sound all too familiar in business?


While this scenario could relate to any business - these instances are a particular area of concern in Accounting Practices when sourcing a successor for a current exiting partner.


When an Accounting Partner decides to exit or is looking to exit, they will either: sell outright, merge or look for a successor that can transition in, over time. The latter ensures a smooth exit for the current partner from anywhere between 6 months to over a year.


There have been many instances when a successor or a younger incoming partner did not transition well or as smoothly as they would have liked. Many successors fell short, many have felt overwhelmed or burdened by the fact there is real pressure in the role of Partner.


What aspiring partners need to realise is the fact that being a Partner carries a lot more responsibility than just taking over the existing owner; it means you would need to think outside the compliance box and think of the business as a whole.


Understanding the intricacies of how a business functions, working closely with clients/staff, understanding the various interdependent divisions will assist the successor to becoming a successful owner!


Taking on new roles is always exciting particularly given how limited career development options often are. But, it can also be (and often is) very stressful and exhausting! Do you really know what your new role entails? And more importantly are you prepared to do it?


If you're looking for expert advice, call the team today.


Riki Sila

A director of Accounting Practices Limited.

022 0432 880 or

Licenced under the REAA 2008