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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.

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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

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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.

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Succession Planning - Art and Passion

His ball was moving right and settled in the grass about ten feet away. As the leader of the senior tournament approached, I moved close to watch an amazingly small, relatively elderly, scrawny yet pot bellied gentleman size up his next shot, consult with his caddie and select his club. He briefly simulated his desired swing, appraised the challenge and nodded to his caddie to confirm their planned ball flight over a distant tree. Without apparent concern he addressed the ball, confidently drew back his five iron in a long, fluid swing and effortlessly launched the ball in an amazing high, left to right trajectory towards the green. "Oh my Lord, can you believe how he compresses that ball to a fade? The acceleration of that ball off of his club took my breath away. And the ball cleared the tree and landed on the green like a butterfly. I'm twenty years younger, outweigh him 75 pounds and there is no way I could ever pull of that shot!"

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Succession Planner Adapts to Charlotte's Rules

Business succession planners are by nature "roadies." Succession planners are unique individuals with a diverse set of financial, investment, legal, accounting, coaching, mentoring and psychological skills that are offered in a way that is unique to each planner and compatible to a certain segment of clients. Due to the unique nature of the service and the clients, engagements are often at a distance. Therefore, travel is a fundamental part of the gig. Unfortunately traveling involves challenges which can be as demanding as my day job. Dealing with these challenges is eloquently summed up in the words of Crosby Stills and Nash: "We who are on the road, have a code that we must live by..."

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