According to the AICPA’s 2008 PCPS Succession Survey, almost 70% of multi-owner firms and more than 50% of sole proprietors (sole owner firms and sole practitioners) believe succession planning will be a significant issue for them in the near future.
But only 35% of multi-owner firms and 9% of sole proprietors actually have a written succession plan in place.
For more of the survey’s findings and to access the Succession Planning Resource Center, visit http://pcps.aicpa.org/Resources/Succession+Planning.
Source: The AICPA, www.aicpa.org.