As a former full equity partner and now recent retiree from a mid-tier accounting firm, I’m into the next stage of my life.
All good things, inevitably, must come to an end. Some of us grab the opportunity, reimagine, and reinvent ourselves, while at the other extreme, others hold on for dear life.
Fearing “Relevance Deprivation[1]” is always challenging.
In my case, I wanted to do Locum Accounting Work. As that role strictly didn’t exist in any structured way, I set up Accountancy Locums (www.accountancy-locums.com.au).
My recent locum assignment involved assisting the executors of an estate in the sale of their father’s accounting business.
Big lesson: Sell when you’ve got something to sell and pass that legacy onto those who deserve it, rather than, have that legacy be a burden to those you love the most. The sale of a “distressed” accounting practice devalues it substantially and makes an earn-out component, extremely hard to achieve, if nigh impossible.
Message: As a practitioner, if you need a break, ensure you can take one. Pass the work onto your staff, if they’re capable, or engage a suitable outsider, (read locum), to assist and overview the practice in your absence. Alternatively, if your gut tells you, it’s time to downsize or sell, have someone to talk to and assist you in that process. Call me.
[1] How to Make It As A CEO (And Beyond) THREE PEAKS LEADERSHIP, Philip Levinson, Practical Inspiration Publishing, March 2021.