Professional Accounting Blog

    Accounting For Your Prosperity

    Succession Planning: Enjoying the Success of a Life's Work

    Posted by Jonathan M. Green on Sep 27, 2019 9:56:33 AM

    Topics: Family Business & Succession

    I believe that one of the most important responsibilities that come with owning a business is planning for its evolution. In many cases, this also means planning for the transition of its ownership and management. 

    Understanding the owner’s perspective on owning his business is critical to creating a successful transition plan.  In all cases, this effort should “begin with the end in mind”. 

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    Considerations for Selling Your Business

    Posted by Jim Rollins on Sep 25, 2019 12:05:00 PM

    Topics: Family Business & Succession

    I met a retired business owner at a party recently and he found out I was a CPA. Not that I normally use this as a conversation starter, but my brother mentioned it as he introduced me.

    As the night continued, we got to talking about his business and how he started it. What became clear was that he's very proud of what he had built. He sold his business 12 years earlier, but it was still an important part of who he was. As we got to that point, I asked him why he had decided to sell. He said there were consolidations going on in the industry at that time, and felt the industry was changing, and getting harder to compete in. He was then approached with an offer and it seemed like the right time to sell.

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    ESOP Process: Considerations for Implementing an ESOP

    Posted by Michelle Buckley on Jun 11, 2019 10:23:00 AM

    Topics: Family Business & Succession, Benefit Plan Advising & Auditing

    At this point, you've already put some thought into implementing an ESOP and feel that it could be a viable option for you as you enter into a succession plan. When making your final decision, however, there are a few things about the ESOP process you as a business owner should be sure not to overlook.

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    Considerations to Make When Preparing Your Family Business for Transition

    Posted by Lloyd Bell on Apr 27, 2016 12:34:20 PM

    Topics: Family Business & Succession, Small Business

    PreparingFamilyBusinessforTransition.jpgWhen it comes to family businesses, owners are generally more focused on building a legacy for their successors rather than spending the time necessary to plan for the transition. Hours of work are spent addressing the immediate needs of the business while planning for the transition is set aside for another time. This delay can create problems down the line when an owner decides that it is time for him or her to transition from the business. Paying close attention to the following considerations will help you ensure that your family business is ready for that transition phase and new leadership.

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    Family Business Succession Planning: Handling the Next Generation

    Posted by Lloyd Bell on Jun 11, 2015 11:30:00 AM

    Topics: Family Business & Succession, Small Business

    When I was fairly young (at which time my kids assume dinosaurs roamed the earth), I would play chess with my grandfather when we visited his house. To be honest, I really didn't remember these games as he passed away when I was in high school. Years later, my grandmother gave me a chess set that my grandfather had commissioned from a woodcarver in Italy. She told me that my grandfather wanted me to have it since he fondly remembered our games. My brother, who never played with my grandfather, got squat.

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    Succession Planning: Satisfying Owner’s Financial Needs

    Posted by Meaden & Moore on May 19, 2015 12:07:00 PM

    Topics: Family Business & Succession

    The best place to start in terms of wrapping your arms around family business succession planning is with the retiring owner’s financial security. What are your objectives? By establishing clear goals, an advisor will be able to quantify success. 

    What does this mean? 

    Start managing yourself in the same manner as you would your business. Personal financial statements are a great place to start. When running a business, you create balance sheets and an income statement, so you should do the same with your personal finances. You want to be able to enjoy your retirement without having to worry about where your money is coming from and how long it will last. Analyzing both your financial statement and income statement will give you peace of mind. 

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    Family Business Succession Planning: What if I Change My Mind?

    Posted by Meaden & Moore on May 7, 2015 10:00:31 AM

    Topics: Family Business & Succession

    The best thing about the whole family business succession planning process is that nothing you’re doing here is irrevocable. Remember to keep in mind that it’s a dynamic process – something that’s going to change and evolve over time.

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    A Process Oriented Approach to Family Business Planning

    Posted by Meaden & Moore on Apr 28, 2015 10:31:00 AM

    Topics: Family Business & Succession

    Getting Started

    Overcoming inertia and making the overall process manageable are the two most difficult aspects to tackle when getting started with family business succession planning. This can be a very overwhelming task simply because it is not just a matter of “let’s just do it.” Successful succession planning requires that you put thought into what happens once the business is no longer in your hands. What will you do now? Are you required to step in if the business falters? Essentially, there are a lot of “what ifs” that need to be taken into account prior to the succession of your business. Putting a detailed process together will however take some off the stress off your shoulders once the succession occurs.

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    Family Business Succession Planning: Where to Begin

    Posted by Meaden & Moore on Mar 19, 2015 2:30:38 PM

    Topics: Family Business & Succession

    Family business succession planning is not an event – it’s a process that evolves over time. In order to create the most effective plan, you need to recognize it, address it, and implement it as a process. Below are the two main actions to take when beginning the family business succession planning process: 

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    4 Key Stakeholders in the Business Succession Planning Process

    Posted by Meaden & Moore on Feb 26, 2015 11:58:00 AM

    Topics: Family Business & Succession

    Some stakeholders in the business succession planning process are obvious, such as family members and employees who are involved in the business. Besides those people though, who else’s interests, wants, needs and desires do you have to consider when you’re looking at the family business succession planning process?

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