{"id":1049,"date":"2019-08-04T05:15:45","date_gmt":"2019-08-04T05:15:45","guid":{"rendered":"https:\/\/www.theaccountancy.com\/?p=1049"},"modified":"2019-12-20T05:45:27","modified_gmt":"2019-12-20T05:45:27","slug":"succeeding-at-succession","status":"publish","type":"post","link":"https:\/\/www.theaccountancy.com\/succeeding-at-succession\/","title":{"rendered":"Succeeding at Succession"},"content":{"rendered":"

\u201cPlanning is bringing the future into the present so that you can do something about it now.\u201d \u2013\u00a0Alan Lakein<\/a>. It is the foundation for success. This applies to the succession of your business or your family or loved ones\u2019 businesses.<\/span><\/p>\n

We have seen many businesses go through this, some by design, and others by default. I promise not to preach but here are a few simple ideas to keep in mind. They may come in handy to keep things in perspective.<\/p>\n

    \n
  1. Have the right team<\/strong>\u00a0\u2013 \u201cGreat things in business are not done by one person. They\u2019re done by a team of people.\u201d This is critical; talk to your CPA, Attorney, Banker. Have strategy meetings. Listen and take notes, give yourself enough time to process and have a focused plan of execution.<\/li>\n
  2. You don\u2019t have to clone yourself<\/strong>\u00a0\u2013 You did not start out knowing everything you know now. The new head honcho will get there. The important thing is to be philosophically aligned on the major elements.<\/li>\n
  3. Strengthen the numbers<\/strong>\u00a0-scale means opportunity and everyone gets motivated by that. The financials will lead to better valuations and more options to grow.<\/li>\n
  4. It\u2019s not about you, it\u2019s the Market<\/strong>\u00a0\u2013 Listen to logic \u2013 understand you may not know it all and your business may be worth more or less than what you think, and it may not matter what you think, it\u2019s about the market.<\/li>\n
  5. Don\u2019t let them kick you out<\/strong>\u00a0\u2013 Don\u2019t be that guy \u2013 you don\u2019t want to stick around too long. It does present a number of problems.<\/li>\n<\/ol>\n

    Engage with your clients \u2013 if you run a service business, they are all thinking: \u2018what happens to me if something happens to you?\u2019 They will be encouraged, relieved and impressed that you have been so thoughtful.<\/p>\n

    How can we help you?\u00a0Let\u2019s talk about your goals \u2014 and what you, your family and your business need to thrive.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cPlanning is bringing the future into the present so that you can do something about it now.\u201d \u2013\u00a0Alan Lakein. It is the foundation for success. This applies to the succession of your business or your family or loved ones\u2019 businesses. We have seen many businesses…<\/p>\n","protected":false},"author":2,"featured_media":1050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[11],"tags":[13,22,21,14,15,17,23,19],"class_list":["post-1049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-accounting","tag-attorney","tag-business","tag-cpa","tag-planning","tag-retirement","tag-succession","tag-taxes"],"yoast_head":"\nSucceeding at Succession - The Accountancy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theaccountancy.com\/succeeding-at-succession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Succeeding at Succession - The Accountancy\" \/>\n<meta property=\"og:description\" content=\"\u201cPlanning is bringing the future into the present so that you can do something about it now.\u201d \u2013\u00a0Alan Lakein. 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