5 reflections of succession planning: an insiders view

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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