Babyboomer shakeout ahead for practices
The year ahead is likely to be one of consolidation among accountancy firms
More consolidation among accountancy firms is expected in the year ahead as
retiring ‘baby boomers’ without succession plans are forced to sell their
practices.
Mike Sands, Menzies
Chartered Accountants (MCA) senior partner, predicts a growing number of
smaller practices will be swallowed up by bigger firms as partners seek to cash
in ahead of their retirement.
‘These firms, which are generalists and have typically up to four partners,
as a rule have no succession plans, small pension funds and no escape,’ he told
Accountancy Magazine.
At the same time, recruitment consultants are concerned over the increasing
number professionals who are retiring, adding further to the skills shortage in
the profession.
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