When You’re Gone, Your Practice Dies with You
Most accountants spend their careers helping clients plan for the future. You prepare business continuity plans, advise on estates, and manage risks. Yet many Chartered Business Accountants in Practice have not made similar plans for their own firms. What would happen if you had to step away suddenly, or if you decided it was time to retire? Without a clear succession plan, even the most successful practice can unravel within weeks, leaving clients uncertain, staff anxious, and years of professional effort diminished.
Succession planning is not about endings. It is about continuity. It ensures that the quality of your service, the security of your clients’ data, and the value of your practice continue without interruption. It also shows professionalism and integrity, values that underpin CIBA’s vision of accountants as nation-builders. A well-structured plan protects your income, your employees, and the trust you have built with clients over time.
Why It Matters
For many CBAPs, the practice is both a livelihood and a personal legacy. Yet too often, succession is postponed for “someday.” The risk in waiting is simple: when something unexpected happens, clients are left exposed. Deadlines are missed, payrolls stall, and compliance responsibilities fall through the cracks. The value of the practice can disappear overnight, and with it, the years of credibility attached to your name. A written and regularly reviewed plan prevents this scenario. It provides a roadmap for how your business will continue, who will take responsibility, and how clients will be informed.
Succession planning also speaks directly to your ethical obligations. Under the CIBA Code of Conduct, practitioners must act in the public interest and ensure continuity of service. Leaving clients without support, even unintentionally, can breach that duty. A good plan therefore protects not just your business but your professional reputation.
Building a Sustainable Practice
Every practice, regardless of size, can and should have a succession plan. It begins with clarity about who will step in if you are unavailable and how they will access critical information. Identify a trusted practitioner who can handle urgent matters and ensure that all systems, passwords, and client data are securely documented. Keep a central file with engagement letters, fee schedules, and current client information so that the business can operate even in your absence.
Beyond emergencies, succession planning is also about preparing for growth and change. If you intend to sell or merge your practice, the process should be planned well in advance. Potential buyers or partners look for firms with strong systems, stable client bases, and transparent documentation. By maintaining clear financial records, detailed processes, and formalised governance structures, you increase both the marketability and the value of your practice.
For those who want to hand the business to a family member or employee, mentorship is key. Start transferring knowledge long before transfer of ownership. Allow potential successors to manage client relationships and understand the firm’s culture. In doing so, you ensure that the values that define your practice will continue long after you have stepped back.
The Broader Impact
Succession planning aligns with CIBA’s belief that accountants play a critical role in economic growth and stability. When practices are sustainable, clients experience uninterrupted service and communities retain trusted advisors. Continuity supports compliance, business confidence, and job security. It is part of building the kind of professional infrastructure that strengthens South Africa’s economy.
The CIBA Intellectual and Policy Framework reminds us that prosperity is driven by enterprise, innovation, and accountable governance. A well-run accounting firm embodies all three. By planning for the next generation of leadership, you are not only protecting your own interests but also contributing to national stability and development
Turning Philosophy into Practice
At its core, succession planning is practical. It is about being organised, forward-thinking, and responsible. It means ensuring that key passwords, contracts, and insurance policies are accessible. It means reviewing partnership or shareholder agreements to clarify what happens if a member exits. It means communicating honestly with your staff and clients about future transitions.
Most importantly, it means recognising that your practice is an asset worth protecting. Your client relationships, systems, and reputation carry real value. If you document them, structure them, and plan their handover, that value remains intact. If not, it can vanish overnight.
Protecting What You Built
The question every practitioner should ask is simple: if you could not come in tomorrow, would your clients and staff know what to do? If the answer is uncertain, your next task is clear. Begin drafting a simple continuity plan, appoint a trusted colleague, and keep your critical documents in one secure place. Review the plan every year as your firm evolves.
Your practice is more than a business. It is the sum of your expertise, your reputation, and your contribution to the profession. Protecting it through succession planning is one of the most meaningful ways to uphold the values of integrity, accountability, and service that define our profession.
A good succession plan gives you peace of mind today and preserves your legacy for tomorrow. It protects your clients, your employees, and your life’s work. In doing so, it strengthens not only your practice but also the foundation of South Africa’s accounting profession.
Join CIBA here for a CPD on Succession Planning, Protecting Your Practice, Your Clients, and Your Legacy
💼 Succession Planning: Protecting Your Practice, Your Clients, and Your Legacy
🗓️ 24 November 2025 | 🕒 15:00 – 16:00 | 🎓 2 CPD Units
📍 Live Event | Channel 2: Growth | Practice Management
💰 FREE for CIBA Channel 2 Members | R230 (VAT incl.) for others
You’ve worked hard to build your practice and reputation — don’t let it disappear when you retire, sell, or step back.
This one-hour CIBA CPD session gives you the tools to protect your business today and build a legacy that lasts.
You’ll learn how to:
✅ Secure your practice’s future and leadership continuity
✅ Turn succession planning into a profitable advisory service
✅ Structure shareholder agreements, wills, and buy-sell clauses that withstand SARS scrutiny
✅ Value a practice or business realistically
✅ Spot and prevent family-business pitfalls before they erupt
Your future deserves a plan — and your clients need one too.
🔗 Register here
