An accounting firm can help you with succession planning within your business. Our services will allow your business to embrace change so that it can become stronger. Succession planning is strategic planning. By addressing what comes next, your business can plan accordingly and make the right decisions now!
One of the main reasons a company fails is that they are unable to adapt to change, so your business must be able to evolve if you want it to survive. Proper guidance from Oasis LLP will help you move forward, and our firm will discuss probabilities for different occurrences and will provide you with solutions.
The right firm will assist you in securing a successful future by assessing your business financial status and analyzing different patterns that will help determine your income and expenses.
Some important things to think about when succession planning includes (but is not limited to):
- Understanding the organizational structure and the transitioning person’s contribution from a revenue standpoint
- The relationship that the transitioning person might have with existing suppliers, other business partners, community members, etc. and how to maintain those relationships after-the-fact
- Knowing the up-and-coming talent in the business and leveraging their talent during and after the transition
- Developing a plan to train possible candidates and bridge any gaps in knowledge or skills for a smooth transition
- Reviewing compensation policies within the business and making adjustments as necessary
- Highlighting who gets to keep the shares if something unexpected were to happen to the transitioning partner/person and must also identify how the shares will be valued if the corporation is not publicly traded.
- Identifying the taxes on inheritance and protect all the involved corporations’ shareholders.
- Create a short-term plan for emergency occurrences (for example, if a partner were to unexpectedly leave, would there be someone who could take their place in the interim?)
All of this information can be overwhelming, but the right accounting firm will help you take care of every detail and ensure you have a good plan. A big part of your succession plan will focus on the employees, and a strong plan will likely result in a better transition of employee turnover.
Professional accounting firms play an essential role in succession planning, so you need to select a reputable firm that can help take your business to the next level. A qualified accountant will make a world of difference, and your business will continue its success.
Whether you are looking for a corporate tax accountant or bookkeeping services, the experts at Oasis LLP can help. We serve clients in the Vaughan, Richmond Hill and Markham areas, so if you are looking for “professional accountants near me,” contact us today!
