Statistics for the Ages - Literally

Ever been in a bar or perhaps a family gathering and observe a group (or pair) of stat-crazy sports fans passionately argue baseball averages or football passing yardages totals?

I refer to them as the stat geeks – those rabid folks who can recite Stan Musial’s phenomenal on-base percentage or prove why Ted Williams was the greatest hitter of all time. Was Washington’s Redskins Hall of Famer Sonny Jurgensen really the best passing quarterback of the past six decades? I’m sure there’s someone out there who can spew out the numbers to back that claim up.

How about some statistics that have nothing to do with sports? I’m talking about uncomfortable succession planning figures that should make even the most stubborn procrastinator sit up and take notice.

How about the following?

• The Beatles broke up 50 years ago.
• Vanna White, statuesque letter turner on the Wheel of Fortune is 62 years old.
• Rolling Stones legendary front man Mick Jagger is a great, great, grandfather.

How about some non-show business stats?

• One person turns 65 every 8 seconds in this country.
• 75 percent of the 420,000 plus members of the American Institute of CPAs will be eligible to retire in 2020.
• Less than half of the CPA firms in the U.S. have a formal succession plan in place.

Okay that’s enough shock therapy for today although that last one should give any and everyone reason to pause.

I bring this up only because earlier this week I taught a session on M&A at a well-known annual tax symposium that regularly draws over 1,000 attendees. Since its primarily a tax-centric event, folks weren’t exactly sardining their way into my presentation. Although looking around at the conference demographics, they probably should have.

I counted no less than 7 walking assistance carts and an equal number of canes. Some of the sessions looked more like an annual reunion of VFW members than Millennials or even Baby Boomers.

One of my session attendees even went so far to remark out loud that those attending a cost-segregation seminar in the next room should have switched their course selection and sat in on my CPE.

I honestly could not disagree.

But since it was my 7^th year teaching at the event I was used to sparse attendance. I’ve learned that no matter how many statistics you provide about succession planning or more accurately, lack thereof, some folks just won’t get it.

The facts indeed are stubborn things.