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5 Reflections of Succession Planning: An Insiders View
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5 Reflections of Succession Planning: An Insider’s View
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5 Reflections of Succession Planning: An Insider’s View
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5 Reflections on Succession Planning: An Insider’s ViewAdrian G. Simmons | Elements CPA, LLC
The Plan
Give it time Talk value Re-titling Talk team Talk customers
Give it time
Giving it time1. Start the conversation early2. Be aware of the emotions that each other
bring to the table
The Plan
Give it time
The Plan
Give it time Talk value
Talk value
1. Subjective value can take time to uncover2. Ask questions about where value comes
from3. Use answers as a way to triangulate
valueDiscussing value
The Plan
Give it time Talk value
The Plan
Give it time Talk value Re-titling
Re-titling
1. Don’t underestimate the time it takes to convert administrative ownership
2. Make a list and check it twice
3. Tackle the big items right away
Re-titling
The Plan
Give it time Talk value Re-titling
The Plan
Give it time Talk value Re-titling Talk team
Talk team
1. Just because both parties know, doesn’t mean the team knows
2. Be conscious of role changes and how to adhere to them after the transition date
3. The team needs to know how their day-to-day will change
Preparing the team
The Plan
Give it time Talk value Re-titling Talk team
The Plan
Give it time Talk value Re-titling Talk team Talk customers
Talk customers
1. Give it time, but draw the line2. You can’t communicate too much3. Consider how customers will be affectedTalking to customers
Re-mapping brain, intellect and emotion
takes time
Mesh different perspectives of value
into something fair
Make a list of everywhere the name
appears
How/what changes when handing over
the reins
Give it time Talk value Re-titling Talk team
Allow time to consider and communicate
Talk customers
That’s a wrap
US Small Business AdministrationSBA purchasing a businesshttp://e-cpa.com/2bf75bp
Four Questions on Succession PlanningWritten by Amy Vetterhttp://www.theprogressiveaccountant.com/Running-a-Firm/four-questions-on-succession-planning
Useful references
Adrian G. Simmons, CPA | Elements CPA, LLC @adriangsimmons
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