Has anyone ever done it yourself or worked for a firm where a partner left before retirement age to start their own firm? Curious about how long others knew before it happened and any info on terms surrounding it.

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I've seen two partners in our tax practice retire in their 50s and start their own consulting practices, but I've never seen one start their own accounting firm.

We have several former Directors/partners that prepare tax comps for us and then we just do the return prep and send it off to them to distribute to their client.

I'm not really sure about your second question since I'm just a Supervisor.

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When the partners left to start their own consulting practices do you recall how long before they were gone it was known they were leaving? And was it known and on friendly terms their consulting?

Yes. Usually, 1-1.5 years out since clients and teams are transitioned.

For the firms I’ve been with, partner notice is generally 2 years.

From my view and side conversations with some of the partners, it’s one of two buckets. 1) partner is retiring early and doing various consulting gigs/hanging their shingle. Often these are on good terms since the partner isn’t really competing with current base and it’s been something they’ve thought/talked about doing or 2) a partner is being let go for whatever reason and the own firm story is a cover story for both to save face.

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I think the notice clause will be waived through negotiating a friendly separation rather than have to have the board vote me out. I am expecting to take a hit in the payout in order to leave on good terms and as long as I’m able to indirectly solicit without repercussions.

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Yeah, but both of them were for specialty tax stuff (tax function optimization for one, transfer pricing for another).

Their noncompetes were still in place, but it was my understanding that they went after much smaller fish and ended up part of our "network" where they gave us projects that were too big for them, and we gave them projects that were too small for us or where we were independence'd out of being able to work on it.

Both ended up selling their respective practices to other firms several years after the non-competes were up.

The firm bought out their equity and I don't think they received any of their pensions.

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