The main reason a person chooses a firm for tax or accounting services (or a career) is personal comfort with the firm and its people. The key elements clients and prospective clients look for include personal chemistry, location, method of providing services, fee structure, and the general culture of the practice. In some cases, clients also consider unique attributes such as ethnic or language considerations, niche services, specialized knowledge, and technology capabilities. As for staff, they consider compensation, professional growth opportunities, working hours, environment, and work conditions.

Once you understand the reasons clients and staff affiliate with a firm, you can then focus the transition plan on the attributes people associate with the firm's value and will be looking for in the new firm. The main objective of a transition plan should be to de-emphasize what will be changing, and emphasize what is of value in the predecessor firm that will remain and what will be gained from the new affiliation.

Be very clear: Transition of clients and staff are key components to a successful affiliation whether you are acquiring a practice or selling your own.

For many years, tax and accounting professionals would sell their practice. An outright sale of a practice does not often produce the greatest financial reward. An outright sale provides little or no transition of the client relationships, which is the only reason another practitioner will have interest in acquiring your practice. Effective transition takes time and effort. Often a client relationship is also a friendship. Be respectful of that relationship and the trust they have placed in you.

The more comfortable the acquirer is s/he will keep those relationships the more value your practice has to them. Often a staff member is a key component of that client relationship. Strategic transition of both staff and client relationships will provide a much better reward, financial and emotional.

This section will provide ideas and suggestions to assist in the transition process.