Word of Advice

By Marton Medina  |  June 16, 2025

Why today's retiring CPAs have a once-in-a-generation chance to shape the future.

The Moment Every CPA Faces

After decades of service, you can finally see the finish line. You’ve weathered tax seasons, built client trust, and become a steady guide for countless families and businesses. But as retirement approaches, a tough question lingers: “What will happen to my clients, my staff, and the firm I’ve built when I step away?” For many CPAs, this isn’t just a business decision—it’s deeply personal. Your work has shaped lives and strengthened your community. The idea of simply locking the doors and walking away doesn’t sit right.

Here's the good news: you don’t have to. Right now, retiring CPAs have a unique opportunity to leave a legacy, one that ensures their impact lasts long after their final tax season.

The Profession Is at a Crossroads

The CPA profession is undergoing seismic changes, and retiring CPAs are at the very center of it. There’s a retirement surge. Nearly 75% of CPAs are nearing retirement eligibility in the next 15 years, creating a massive wave of transitions (Controllers Council, 2023). Thousands of small firms will change hands—or close their doors—over the next decade. At the same time, there’s a talent shortage. Fewer young accountants are entering the field. The number of first-time CPA exam candidates dropped 33% between 2016 and 2021 (CPA Journal, 2023). This creates a succession bottleneck, with more retiring CPAs than successors available.

Shifting Client Demands

Compliance work is increasingly automated. Clients want year-round strategic advice, not just tax prep. So firms that don’t evolve risk losing relevance—and clients. The result? A profession standing at a fork in the road. Either it adapts and thrives, or it fragments as small firms disappear.

Why Legacy Matters Now More Than Ever

For retiring CPAs, this transition isn’t just about business—it’s about identity and impact. You’ve spent your career protecting and guiding clients, often becoming a trusted family advisor. You’ve built relationships with local businesses that rely on your expertise. Your firm is part of the fabric of your community. Walking away without a plan means all of that disappears. Clients will scramble for help. Staff will face uncertainty. The community will lose a vital resource. But with the right approach, you can turn retirement into a legacy project—one that strengthens both your firm and the profession as a whole.

The Power of Mentorship

One of the most overlooked tools in a successful transition is mentorship. Imagine spending your final 6-12 months coaching a successor, showing them not just the numbers, but the values behind your work. Clients would see a gradual, trustworthy handoff, not a sudden departure. Successors would gain confidence and clarity under your guidance. You would leave knowing your life’s work would continue in capable hands. This isn’t just about transferring a business—it’s about passing the torch to a new generation of CPAs.

How Retiring CPAs Can Lead the Transformation

Retiring CPAs are in a unique position to shape the profession’s future. Here’s how:

Adopt a Future-Focused Model—

Even in your final years, modernizing your firm increases its value and stability. So do it. Shift toward year-round advisory services with recurring revenue. Upgrade systems and technology to make the firm scalable. And Document workflows so the firm isn’t dependent on you alone.

Choose a Successor Carefully—

The best successor isn’t just technically skilled—they must share your commitment to client relationships and community impact. So look for someone eager to learn business strategy, not just accounting. And consider a model/agreement where you remain involved as a mentor during the transition.

Power With Business Leaders—

Your expertise is accounting. But today’s firms also need marketing, operations, and growth strategy—skills you shouldn't have to master alone. Partnering with a business leader provides the systems and vision needed to keep your firm thriving long after you retire.

The Ripple Effect of a Well-Planned Exit

When you transition thoughtfully, everyone benefits. Clients experience seamless continuity and deeper advisory services. Staff gain stability and career growth opportunities. Your successor inherits a firm built on strong systems and mentorship. Your local business community continues to receive trusted financial guidance. And you retire with pride, knowing your work lives on. This is the essence of legacy—not just the money you receive, but the lasting difference you make.

A Tale of Two Retirements

Consider these two paths:

Retirement A – The Sudden Exit.

The CPA delays planning until the last minute. Clients are shocked by the announcement. Staff leave. The firm sells for pennies—or closes outright. Within months, decades of work are gone.

Retirement B – The Legacy Exit.

The CPA begins planning 2-3 years ahead. The firm shifts to recurring revenue and systematized processes. A successor is mentored during a phased transition. And the CPA retires on their terms, with clients and community thriving.

Which retirement are you going to choose?

Your Legacy, Your Choice

Retirement isn’t the end of your story—it’s the next chapter you still get to write. With courage, you can step into leadership one last time, guiding your firm, your clients, and the next generation of CPAs into a stronger future. Change from just leaving a firm to leaving a mark that endures for decades to come.

Sources

• Controllers Council: Accounting Crisis Report (2023)
• CPA Journal: The Accounting Profession Is in Crisis (2023)
• Kiplinger: The CPA Shortage Problem (2024)
• AICPA/PCPS: Succession Planning Survey (2023)

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