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Your practice is one of your most valuable assets. Do you have a plan in place to protect it in the event of your untimely death or disability? If the worst should happen, a practice continuation agreement will help you protect your practice, the business interests of your clients, and the financial interests of you and your family. It can even be used as a retirement vehicle.
With this in mind, every sole practitioner and small firm should have a practice continuation agreement as a part of their personal financial plan, yet very few do. The AICPA has issued the second edition of this popular title to help you navigate the sometimes intimidating process of preparing a practice continuation agreement.
Practice Continuation Agreements: A Practice Survival Kit explains how you can ensure the continuity of your practice. This guide walks you step-by-step through each stage of the process of preparing a practice continuation agreement. You’ll see how to
A variety of helpful tools are provided, including samples of practice continuation plans, an action plan, notification correspondence, and agreements to buy and sell.
Praise for Practice Continuation Agreements
“John does an excellent job of "telling it like it is" and providing realistic guidelines for practice valuation. Additionally, the publication has benefits for anyone interested in acquiring a practice, or, for that matter, a partnership interest…Often guides such as this are written more for one side or the other, but this one serves both sides of the transaction well. The appendices are especially valuable, as are the valuation examples.”
— James A. Smith, CPA
2007-2008 Chairman of the Texas Society of CPAs
Managing Director, Smith, Jackson, Boyer & Bovard, PLLC
About the Author
John A. Eads, CPA, is a director in the firm of Smith, Jackson, Boyer & Bovard, PLLC, a large local CPA firm in Dallas, Texas (www.dallascpas.com). A qualified instructor for CPA CPE courses, Mr. Eads has presented numerous courses in the management of an accounting practice and tax areas for the AICPA, TSCPA, Dallas CPA Society, and the Professional Development Institute. His articles on practice continuation agreements have appeared in the Journal of Accountancy, CPA Managing Partner Report, Practicing CPA, Today’s CPA, The California Accountant, Practical Accountant, AICPA MAP Handbook, and The CPA Report.