Your business is part of your legacy, an extension of yourself. And at Cg, we care about your personal goals and values as much as your business success. In crafting a succession plan, we’re not just preparing you for a worst-case scenario – we’re establishing your future growth, preparing your future leaders, and building your future legacy.

What is Succession Planning?

When it comes time for you to hand off ownership, a succession plan ensures a smooth transition so your business won’t miss a beat. But succession planning doesn’t just concern this moment of turnover, 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. This way, when the time comes, you can feel encouraged that your business is in good hands. When done correctly, succession planning empowers your current team while securing and stabilizing their future. Cg’s accounting and business experts offer the consulting necessary to design and implement these processes, but also the financial expertise to do it as efficiently as possible.

Succession planning is often confused with workforce planning, and 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. Succession planning, on the other hand, is more intently-focused on transitions between leadership and managerial positions.

What Is a Succession Plan?

You’ve sat down with your team and discussed your business future. You brought in Cg CPAs and consultants for invaluable insights. Now it’s time to make it official. Succession plans are the documents we craft to outline every detail of your future leadership transitions, from protocol for identifying candidates to exit procedures and beyond. A good succession 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 business and discuss your goals and values, so that nothing gets left out. Our succession plans are truly comprehensive. And they’re far from generic templates – they’re built around your unique business, priorities, and team.

Why is Succession Planning Important?

Consider this: 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 doesn’t have 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 off 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. That’s why the Cg team will start your succession planning process right away and ensure that your organization is thoroughly prepared for its future.

How Do You Prepare a Succession Plan?

Step one: pick up the phone and call Cg Tax, Audit, & Advisory. Our team of talented consultants and CPAs will sit down with you to carefully structure your legacy. The best part? We’re not just experts in business operations, but also adept CPAs with four decades of financial planning experience. We will sit down with you and your team to learn the ins and outs of your organization, engaging in candid conversations about your business and personal future. We walk you through a succession plan example, then offer our strategic and financial expertise as we define your own plan’s terms. After we’ve finalized the document, we will make sure everyone, from leadership to employees, are 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 succession planning definition is broad. Effective succession planning is 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. Plus, you can take advantage of our wide-ranging services – including tax preparation, auditing, valuation, and much more – to simultaneously secure your organization’s financial integrity. At Cg, your finances, operations, and legacy are in exceedingly capable hands.

See what other services Cg offers, or ask us about creating your own plan.