Pondering the next chapter

Now that the dust from tax season has settled, many practitioners take a moment to reflect on where they are with their practice. Usually, one of three things happens:

1. If tax season went exceptionally well, you may be thinking about growth, maybe even acquiring another practice.
2. You may feel content with where things are and simply want to make a few operational tweaks.
3. Or, if tax season was particularly challenging, or you’re simply exhausted, you may be starting to think about selling your practice and transitioning into retirement.

It’s the third option I want to talk about today.

The beauty of mentoring accountants, bookkeepers, and business owners is witnessing how people navigate major life transitions. And as many of you know, transitions are rarely easy. No matter how much planning we do, we’re often less prepared emotionally than we expect.

Having sold the majority of my shares in my accounting practice and stepped down as CEO a few years ago, I can speak from experience. It was one of the most difficult and painful transitions of my career – but it also taught me a great deal.

Between my own experience and the experiences shared with me by others, I believe I’m in a strong position to offer a few important things to consider if you’re beginning to think about calling it quits.

Here are some of the things you should keep in mind as you prepare for that next chapter:

Timing

When do you realistically plan to retire? One year from now? Five? Ten? More importantly, when is the right time to transition the practice – immediately after tax season, during the quieter summer months, in the fall, or before another busy season begins?

Preparing the Practice for Sale

What can you start doing today to make the transition easier for the next owner?

• Reducing dependency on you. Structuring the practice so it can operate without your constant involvement.
• Strengthening firm relationships. Ensuring clients are connected to the firm and team, not just to you personally.
• Creating the right structure, Designing a deal that protects your value while also supporting your clients and employees.

Valuation

What is a fair price for the practice? The goal should be a price that allows you to retire comfortably while also giving the buyer a realistic opportunity to succeed.

Increasing the Value of the Practice

What would make a buyer willing to pay more for your firm? Strong systems, recurring revenue, staff stability, client retention, and operational efficiency all matter.

Choosing the Right Buyer

Who do you want taking over the practice you spent years building? Culture fit is often overlooked in practice sales. Does the buyer share your values? Will they care for your clients and team the way you did?

Internal Succession

Is there someone already on your team capable of taking over the practice? If so, what mentoring, training, and preparation will they need to step into that role successfully?

Your Role After the Sale

Would you want to continue working after the sale? Would you stay with the firm for a transition period? Would the buyer want you involved? These are important conversations to have early.

Non-Compete Agreements

Are you comfortable signing a non-compete or non-solicitation agreement? In most cases, buyers will expect it.

Supporting the New Owner

What will the buyer need from you to succeed? Are you prepared to help transition clients, train the new owner, and share the operational knowledge required to run not just an accounting practice, but your accounting practice? And how much time are you willing to commit to that process?

Your Mental Well-Being

Perhaps the most important question of all: are you emotionally prepared to let go?

For many practice owners, the firm becomes part of their identity. Retirement can be far more difficult than expected, especially for high achievers. What will give you purpose after the transition? How will you stay engaged? These are questions worth thinking about long before the sale takes place.

I’ve discovered there are generally three stages to transitioning into retirement or the next chapter of your life:

1/ Letting Go of the Past
This means accepting that a chapter of your life is ending. It means no longer being in control of the business you spent years, perhaps decades, building. For many owners, this is far more difficult emotionally than they ever expected.

2/ The Neutral Zone
This is the space between your old life and whatever comes next. It can feel uncomfortable, uncertain, and even unsettling. It certainly was for me.

For some, this phase lasts a few weeks. For others, it can last years. And truthfully, I’m not entirely sure I’m fully out of it myself. What I’ve learned, however, is that this phase is completely normal and it shouldn’t be rushed. As uncomfortable as it may feel, you need to give yourself permission to spend the time necessary figuring out what comes next.

3/ The New Beginning
Eventually, a new chapter begins. That could mean starting another business, mentoring others, volunteering, travelling more, spending more time on the golf course, or simply being more present with your children and grandchildren.

The reality is that preparing for retirement is far more complicated than most people expect. It certainly was for me. There’s a reason retirement coaching has become an entire profession – especially for people who realize traditional retirement may not actually suit them.

One thing I’ve learned is this: it’s never too early to start thinking about your eventual transition.

And it’s certainly something I can help with.