Do I Need an Accountant for a Succession Plan?

Do you need a succession plan?

a.  Yes
b.  No
c.  Maybe, probably, who knows
d.  Meh, don’t bother me, I’m busy

Should an accountant have a role in your succession plan if you decide to implement one?

a.  Yes
b.  No
c.  Maybe, probably, who knows
d.  Meh, what does an accountant have to do with who succeeds me

Simply put, succession planning is preparing your company for changes. It’s usually thought of as training individuals to fill leadership roles, but it also includes transferring ownership of your business. It’s a process with both long-term and short-term facets.

Change Happens

You can probably name more than one company that’s no longer in existence because it didn’t adapt to change. Big companies must evolve just as much as small companies do. Markets change. Key employees leave. Regulatory agencies always have new or different rules. Your business goals aren't the same as when you began.

Unless you have a crystal ball, you can’t know precisely what impending changes, if any, will affect your company. You might see changes coming, but you can't predict their impact. Part of your succession planning involves calculating the probabilities of certain occurrences and how to survive them.

Signs That a Criminal Stole Your Information from Your Tax Preparer

Paid tax preparers are an integral part of the U.S. tax system. They do about 60% of all returns each year, according to the Internal Revenue Service. Not all tax professionals are alert to the subtle signs of data theft. The IRS and its Security Summit partners note that there are many cases where tax preparers are victims of theft and don’t even know it.

Did You Get this Call from the IRS? (Listen to the call here!)

If your business is anything like ours, it probably gets hundreds of unsolicited emails and calls every week. Whether it’s a seemingly innocuous request for payment information or a blatant attempt to swindle the company, scammers are constantly out to get our (and your) money and private information. Both are desirable to scammers, but information may be even more valuable than cash because they can sell it to numerous other fraudsters.

increasing-reimbursements-and-profits-at-your-architect-and engineering-cover-3d-600

Increasing Reimbursements and Profits at Your Architect & Engineering Firm



3 Steps to Optimizing Your FAR Overhead Rate

Get Your Copy >
Recent Posts

Do I Need an Accountant for a Succession Plan?

Do you need a succession plan? a.  Yes b.  No c.  Maybe, probably, who knows d.  Meh, don’t bother me, I’m busy Should an accountant have a role in yo...

Read more

10 Questions to Ask Your Accountant Each Month

Depending on a variety of factors, you may have an accountant or CPA on staff, or you may be a client of an outside accounting firm. In either case, y...

Read more

Can I Amend my Tax Return Online Electronically

The simple answer is “no”, but there is more to know about the “no”. Let’s walk through the basics of amending a tax return. If you discover an error ...

Read more

Deducting Vehicle Costs on Your Taxes

If you use a car or other vehicle for your business, you may be able to deduct the expense of operating that vehicle on your taxes. Businesses general...

Read more