Succession planning is not something that can be decided overnight by the senior staff of a business. In fact, there are many steps that are commonly used amongst CPA’s and their clients when they are trying to organize their succession planning. New Port Richey business owners often want to keep their business and legacy alive by passing their company or store front down to their children, but sometimes this isn’t an option for business owners, or their children do not want to own their company.

Identifying Critical Positions

This might sound like a waste of time, but some business owners could not even tell you what are the important positions in their company because they do so much already as the owner. This is more of a problem with smaller companies than it is with larger ones doing succession planning. New Port Richey Business owners should identify the critical positions of their company that keep it up and running. These are going to be the most important positions that need filled in order to ensure a business owner will have their business continue after they have retired or stepped down.

Document and Implement Succession Plans

If a business owner does not know the first step they should take when contemplating succession planning, New Port Richey business owners should discuss strategies with a trusted CPA. Once they find plans that work for them, it is time to implement them.  Regardless of how you go about changing the management of your company, it is most important that you clearly define a timeline for these changes, as well as define the roles and responsibilities of the individuals who are taking over more responsibility in the company.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*