Baby boomer accountants 'set to retire'

News Article - 31 December 2007
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The number of accountants retiring next year will mean there is a shortage of skilled professionals in the industry, it has been claimed.

Max Messmener, chairman and chief executive officer of Robert Half International told Accountancy Magazine: "Recruiting and retaining top financial professionals may become more challenging in the years ahead due to … the potential retirement of millions of baby boomers around the world."

The number of accountants planning to retire has also led to concerns over the number of practices which will be sold to larger firms.

Mike Sands, senior partner at chartered accountants Menzies, told the magazine that many partners may sell their practices as a way of earning money ahead of retirement.

He explained that small practices often have small pension funds and no succession plans, and therefore consolidation is often the only way partners can afford to retire.

Penny Bates, tax partner at Menzies, recently told the BBC that the delay over capital gains tax means many business owners are not being given enough time to decide whether it would be beneficial to sell up before the changes are implemented.

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