Leaderboard

Yes, that has been a consideration. However, she has nowhere to go and no equipment. I will not allow her to continue working from my office and using my equipment since it is attached to my home. She has good work ethics; is a quick learner and could move forward to being very successful in work that she loves, as I do. The present problem is that she has no location in mind yet and I am urging her to make a plan (just in case). Other preparers that I have considered selling or merging my business to, have gotten big heads and the larger they grow, the more expensive they become. I don't want that for my clients. I plan on working as long as I am able. It is definitely time for a Conversation with my Assistant.

Marilyn, I'm sorry about the worsening of your eyesight. You clearly still enjoy the work and have a level of care and concern for your clients and your trainee that many in business lack. Your client base is stable and large enough to have substantial value, so perhaps now is a good time to reevaluate your plan while you have time to implement some changes so that you remain in the controlling position "for [when] whatever comes." Our core group here has been around here for many years and are possibly seeing a future that includes retirement, but I wonder how many of us truly have a clear and workable plan in place. I've been out of the office recently and am late to the party, so I've tried to filter through to boil down to focus on some of the issues, some of the conflict, and the questions it raises that more than a few of us possibly should consider for our own practices. The trainee: very knowledgeable, could be successful, stagnant, complacent, no preparations to take over or move on. Your practice: 279 clients this year, a mixed practice including many Sch Cs, no payroll or other entities. RTRP, office in home. Comments you've made about the plan: Previously set at 80, will be 85 soon, still like the work, ~five years preparing [the trainee], not going to hand it over on a platter, made things too easy for her, clients would go with her willingly, preparing for whatever comes, will never willingly walk away until I have to. I don't expect answers, but the questions and considerations that immediately came to mind are below. Certainly there are more - * With your having exceeded the original age 80 goal, have you set a new age goalpost? * How does "will never willingly walk away until I have to" jive with a clear plan of succession for any new owner? * How would you handle a transition period to any new owner considering you operate from home? * Have you actually discussed terms of a buyout with your trainee? * Does she think she can wait you out and step in with little to no investment other than the time she has already put in? Did she sign a non-compete agreement? * Is it possible that her complacency or apprehension stems from perceived or real conflicts or difficulties in future? : your shifting retirement age goal; relocating out of your home office; fears of being a business owner, financial commitment, client retention, proficiency or personal insecurities, of failure in general. * Does the trainee truly have the desire and motivation to be a sole business owner in this line of work? Some of the best employees or most technically proficient aren't cut out to be business owners. Have you thought about possibly shifting to a sale/merger with a firm or someone other than your trainee that may be a better solution work-wise and financially for both you and your trainee? It would allow you to move the practice out of your home and possibly scale back on hours or hands-on work as the load shifts to others while being a familiar face to clients in the transition. It may also provide continued employment for your trainee if seen as a valued employee also known by your clients, and a solution that the trainee may be more comfortable with as well. Sorry this is so long. It isn't an easy business to be in and is being made more difficult every day with the added challenges of health, aging, technology, security, ever changing tax laws, and long hours. I wish you well in going forward.