Developing or improving your internal succession plan
The goals of internal succession are to create a business plan and agreements that result in:
- Internal team members filling in as the senior partners reduce their role
- Funding retirements and buy-outs through internal means rather than looking to external sources
- Providing more continuity to the members of the firm and its clients
- Maintain a legacy for the firm
The experts at Accounting Transition Advisors can assist you in developing an internal succession plan. If your firm already has one, we can help you make it more effective to achieve your firm's goals and the goals of the firm's owners. You can choose from an array of services and deliverables so that you address your needs in the most cost effective way possible.
Our services are designed to:- Assist you with determining an appropriate value to use in your agreements
- Understand how to choose the appropriate successor for each partner (for example, you shouldn't replace a great "rainmaker" with an "inside-focused person" and expect the same results)
- Creating terms that ensure the retiring partners are well paid for the value they have created while making sure the remaining partners and firm thrive
- Getting everyone on the same page
- Identify alternative methods for deal structure
- Create the necessary documentation (Partnership and Shareholder, and Employment Agreements)
- Help you verify the firm has the ability to successfully achieve a 100% internal succession
- Combine an internal succession strategy with a partial external succession plan when necessary
- Help you understand how to attract and retain the best talent as a means to executing your plan
- Create a transition plan that maximizes retention and keeps the ship sailing as smooth as possible
Go to Internal Succession Plan on the Services page for a complete list of services and deliverables. Our partners have consulted on hundreds of internal succession plans using unique strategies that ensure everyone wins.
We can provide our services through Onsite Retreats and Workshops as well as one-on-one coaching and consulting. Contact us for a free, initial consultation. We also offer a FREE REPORT on this subject with optional periodic e-mail follow-up that include news reports and/or relevant articles that can be forwarded to you with no obligation. Go to Contact Us page and request this in the comment section. For additional information, click the following link to an article our partners have written on the subject of internal succession planning.
The Hire Learning; The Hourglass Effect: (A 2004 article on planning for an internal succession of your accounting practice)
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