When you hear about succession planning, what sort
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When you hear about succession planning, what sorts of things come to mind?
* Practice continuation agreements.
* Finding a suitable successor.
* Accounting Practice Valuation.
* What kind of buyer would be best for my clients, my staff? How should transition work?
* What do I need to do to get my practice ready?…etc., etc.
All of those are good questions for sure, but interestingly, many owners miss the really big question. Without the answer to the big question, finding answers to the above questions becomes much more difficult. You see, everything ultimately hinges on the big question. Gathering information is smart, but won’t ready you for the big leap.
So have you guessed it yet? The important question is:
Why do you actually want to sell? …and what are you going to do next?
Ok, maybe that’s two big questions.
Answering these questions FIRST will give you the clarity necessary to focus your efforts properly. Being focused will motivate you to take action to prepare for, and navigate, a successful transition when the time is right.
This article has been written by: Brannon Poe, CPA of Poe Group Advisors
Read more from Brannon at the Poe Group Advisor's blog.