It seems that we have immortals living among us, and apparently I met one early this week!
An appointment was scheduled well in advance of the date; I thought to discuss the possibility of purchasing this CPA’s practice. Obviously I was incorrect. The gentleman had no intention of sharing anything about his practice or clients, nor was he interested in planning for his retirement.
I knew my time was to be wasted when the gentleman showed up 45 minutes late for the meeting. Luckily we were able to keep the farce to 20 minutes or so.
This immortal in mortal guise is at least 85 of our mortal years, and has no fear of passing from this plain in the near or far future.
When asked if this were to occur we were dismissed and there was some vague mention of the possibility of a plan, his wife was possibly to call someone from a group of 30.
When asked about how this would impact the clients; there was another dismissive wave; as though they mattered not in the scheme as a whole.
We have heard about the chaos that impacts a client when there CPA passes, especially if they are a sole practitioner and the client is not a close family friend. They may not find out for at least a quarter or longer depending on how often they are scheduled to meet.
Think about it from the client’s perspective. Their “most trusted advisor” has taken part in the long goodbye and now they have nowhere to turn. Maybe they got a call from a stranger stating that they have purchased the practice from the widow(er). Or maybe they called to find out why the CPA never showed up for an appointment. Finding out this way is never good.
Where do they go to find someone they can trust with their precious business?
I cannot believe of a worse thing to do to your personal and business clients. But then a small portion of the blame does rest with the client. They know when their CPA is as old as dirt. The practitioner may believe themselves to be immortal. But we know it is not true. The clients should be asking the question that the practitioner should be asking of them. “What happens to your business if you get hit by a bus?”
If you don’t, do not be surprised when they are not there and you don’t know if they filed an extension on your business or personal returns and paid that last quarter of payroll taxes on your behalf.
Switching CPA’s is not as difficult as one thinks. Call our office to discuss.