13 Succession Plan Requirements

Time to retire clock faceMake sure you’re not growing your own competition.

By Bill Reeb and Dominic Cingoranelli
CPA Trendlines / Succession Institute

There are various sections that should be included in any succession plan. We are not going to present you with a sample succession plan, but even better, to describe topic areas you should address in your plan.

MORE ON PERFORMANCE MANAGEMENT: Base Retirement on Today’s Operations | Who Decides What? | How Involved Should Retired Owners Be? | How to Find a Partner’s Replacement | Best Practices for Mandatory Retirement | 7 Succession Questions to Ignore for Now | The Pitfalls of Equity Allocation and Reallocation

As always, there are various best practices to consider as you put your plan together. For any succession plan to work, you have to start with consideration of the business model you use: