Accountancy firm consolidation 'expected'
31 December 2007 13:07
Consolidation among accountancy firms is expected over the course of 2008, it has been claimed.
According to reports by Accountancy Age, over the course of next year, Mike Sands of Menzies Chartered Accountants believes that smaller firms will increasingly be absorbed by larger accountancy organisations.
Mr Sands made his comments during an interview with Accountancy Magazine.
"These firms, which are generalists and have typically up to four partners, as a rule have no succession plans, small pension funds and no escape," said Mr Sands.
Mr Sands confirmed a belief that the period of consolidation will be caused by the retirement of "baby boomers" with an absence of plans for succession.
The term baby boomer was originally coined to collectively refer to individuals born between 1943 and 1960, in countries that experienced a significant increase in the rate of births in the aftermath of World War II.
According to reports by Accountancy Age, over the course of next year, Mike Sands of Menzies Chartered Accountants believes that smaller firms will increasingly be absorbed by larger accountancy organisations.
Mr Sands made his comments during an interview with Accountancy Magazine.
"These firms, which are generalists and have typically up to four partners, as a rule have no succession plans, small pension funds and no escape," said Mr Sands.
Mr Sands confirmed a belief that the period of consolidation will be caused by the retirement of "baby boomers" with an absence of plans for succession.
The term baby boomer was originally coined to collectively refer to individuals born between 1943 and 1960, in countries that experienced a significant increase in the rate of births in the aftermath of World War II.
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