Whatever your view of Succession planning may be, Remember this!

Succession Planning Builds Value, today and tomorrow for whatever "end game" you may have in mind.  Sell, liquidate, or pass on to a family member or key manager.

How Do I Get People Focused on a Model of Excellence?

If you want people to focus, you have to give a clear picture of what you want to have happen. Business is a funny animal. Sometimes we start out building a racehorse, and we wind up with a camel that can be more stubborn than a mule. All three are useful; all have their place; and all can get you where you want to go. But the ride’s ease and comfort in getting there will be different. Read the complete article here.

Accountants and Business Succession Planning – How to become a succession planner

Accountants who seek new challenges and opportunities can be full-time dedicated succession planners. In fact there are many progressive accounting firms that have partners dedicated to being proactive in succession planning. These specialists within the accounting firm work with existing clientele and also serve as an independent profit center as they pursue new clients outside the realm of the current client base. Minimally, succession planning specialists within an accounting firm boost partner-level revenue and score project opportunities for other specialists in their practice like business valuations, feasibility studies, and research projects which are part and parcel to succession planning. To read the end of this article, click here.

Accountants and Business Succession Planning – How to get more involved

I am fortunate to have many wonderful relationships with my clients' accountants. We take a sincere interest in the each other's welfare and they recognize the high degree of personal gratification I receive from significantly impacting their clients' succession planning. The conversation often includes them telling me, "Loyd, you are doing what I have been wanting to do." So in addition to being asked my opinion of an accountant's role in succession planning, I am also asked if an accountant can be a succession planner. To read the end of this article, click here.

Accountants and Business Succession Planning – What’s their role?

As a dedicated business succession planner my most important role is team facilitator. My role is to ensure that my clients have a complete planning team that represents the necessary disciplines needed to accomplish business succession, and that the team has the appropriate vision and works together effectively. Just like operating a successful business, business succession planning requires ultimate team work. To read the end of this article, click here.

360 Slam Dunk! – Preparing your successor for business succession

As a sports enthusiast, when I hear the term “360 slam dunk,” images of Michael Jordan soaring through the air high above the rim in a Chicago Bulls jersey flash through my mind, which I assume is the case for some of you as well. Unfortunately, this article is not about how to do a 360 dunk a la Michael Jordan but rather the benefit of utilizing a 360 Assessment as a successor preparation tool. The utilization of a 360 Assessment to help identify leadership gaps and coaching opportunities for prospective successors can be an invaluable tool. To read the end of this article, click here.

Reflecting On the Future - Succession Planning and Constant Changes in Federal Tax Law

What will the future bring after the last year or so of frenetic estate and business succession planning? I don’t have any better crystal ball today than I had last year when I was advising clients to play “use it or lose it” with their gift and generation skipping tax credits. However one thing is for sure, estate and gift tax rates have increased to 40%. That means more liquidity will be required to transfer business interest to the next generation. After adding the State inheritance taxes most taxable estates will be taxed at 50% or more. A 50%+ transfer tax would lead me to believe that there will be no significant let up in estate planning.  We have already seen a spurt in activity from those who intended to do something yet did not get around to it and now feel as though they have been given a reprieve from the curse of procrastination by the continuation of the estate tax credits. On a related note, I would anticipate seeing a campaign by the IRS estate auditor to challenge discounting. There may have been some hasty valuations prepared last year, and I have no doubt that if after a few test audits they find a trend, the IRS will recognize low-hanging fruit and begin auditing 2012 gifts with vigor. To read the end of this article, click here.