Your company is part of your legacy, an extension of yourself and your life’s work. At Cg Tax, Audit & Advisory, we care about how your company’s future success aligns with your personal goals and values.

Succession planning identifies critical positions within your business and creates a plan for individuals to assume these positions.

Through our succession planning services, we establish your business’s ongoing growth, prepare team members to become leaders, and begin building your legacy — all while ensuring that you receive the compensation you deserve in the next chapter of your life.

Why Create a Succession Plan

When it comes time for you to transfer company ownership, succession planning helps ensure a smooth transition. Succession planning addresses much more than the turnover of key positions. It’s a multifaceted process that plots out your entire business future. This includes plotting out internal and external growth, defining leadership roles and responsibilities, using talent management to identify potential successors, and implementing training to develop them.

When done correctly, succession planning empowers your current team and stabilizes their future. Cg’s accounting and business specialists offer the consulting needed to design and implement these processes, as well as the financial acumen to do so as efficiently as possible.

It’s important to note that succession planning is sometimes confused with workforce planning. While the two both involve identifying the right people for the right jobs, they use fairly different processes. Workforce planning involves understanding job markets and developing organization-wide hiring, onboarding, and training processes for staff-level positions within a company.

Succession planning, on the other hand, is more intently focused on transitions between leadership and managerial positions in a company, with an emphasis on key employees.

The Succession Planning Process

You’ve sat down with your team and discussed the future of your company. You brought in Cg CPAs and consultants for critical insight. The next step is to put your succession plan in place.

Succession plans are the documents crafted to outline every detail of your future leadership transitions, from the protocol for identifying candidates to exit procedures and beyond. A good plan includes:

  • Job descriptions for executives and managers
  • Succession timelines
  • Guidelines for identifying successors
  • Career development plans for successors
  • Leadership development and training procedures
  • Current business valuation and future financial plans
  • Metrics for performance evaluation and measurement

When you bring in Cg consultants to draft your plan, we examine every aspect of your company and discuss your goals and values so that nothing gets left out. Our succession plans are comprehensive, far from generic templates. Companies count on us to thoughtfully guide their succession planning efforts to ensure all key roles are filled. We work with your company’s leader, board of directors, and people in other key positions to craft a strong contingency plan that prepares for all possible outcomes.

Why is a succession plan important?

Consider this scenario: you or your fellow leaders need to leave the company. There are no instructions for what happens next. No promising employees have been prepared to take charge. HR hasn’t established job descriptions or procedures for replacing you. In an attempt to avoid chaos, you’re forced to hire, promote, and shift your organizational focus on the fly. It’s not a pretty picture.

But when you have a long runway to develop your employees and streamline your finances, your successors will have no problem taking over when the time comes. Beyond that, succession planning helps you take stock of your business finances and operations while considering your future growth, laying the foundation for a holistically healthy organization.

It’s important not to assume you know the career goals of your team members. That’s why the Cg Team will start your succession planning process right away and ensure that your organization is thoroughly prepared with a business succession plan that can adapt to changing circumstances.

Succession planning strategy for companies

Step one: pick up the phone and call Cg Tax, Audit, & Advisory. Our team of talented consultants and CPAs will sit down with leaders to carefully structure your legacy and plan effective leadership succession. The best part? We’re not just experts in business operations, but a team of adept CPAs with four decades of financial planning experience.

We’ll sit down with you and your team to learn the ins and outs of your organization, engaging in candid conversations about your business future. We’ll walk the company leaders through an example, then offer our strategic and financial expertise as we define your own plan’s terms. Upon finalizing the document, we will make sure everyone, from leadership to employees, is on the same page. From initial discussions to implementation, we’re there to guide you so you can confidently draft a plan, implement new operations, and continue striving toward success.

Cg Tax, Audit & Advisory: Your path to a lasting legacy

The definition of succession planning is broad. Effective succession planning is about more than outlining personnel changes. For a truly successful transition, you need a strong financial foundation, and Cg can help you build it. We can develop frameworks for training, development, and transitions while also optimizing your revenue and eliminating unnecessary expenses.

Instead of churning out cookie-cutter business strategies, we tailor our succession planning and financial consulting to your particular circumstances and growth plans. Plus, you can take advantage of our wide-ranging services – including tax preparation, auditing, business valuation, advisory services, and much more – to simultaneously secure your organization’s financial integrity. At Cg, your finances, operations, and legacy are in exceedingly capable hands.

Engage Cg Today

Our team is highly experienced in crafting effective succession plans in a wide range of industries. 

Please contact us today to find out how we can help prepare you and your company for a mutually successful future.