CPA Firm Succession Management

Getting Ready for Succession

What are your exit plans? Do you plan on passing the torch internally? Or are you looking to merge into someone or sell out externally? Regardless of your favored option, you need to get your house in order. The practice will bring you the best return on your years of effort if it is positioned to allow the successor or successors to be profitable after your leave.

To begin to get ready for succession management, consider focusing on the following areas:
- Overall firm strategy and vision
- Business mdoel
- Management and governance
- Standardized procedures
- Developing your people
- Improving the bottom line

Each of the above areas must be considered and most likely will need some attention and investment of time and other resources to optimize your buy-out value. We'll be looking at each of these areas in subsequent posts.

Dom Cingoranelli
dom@successioninstitute.com