Succession and Choosing 3rd Party Advisors

Most contractors have gone through the succession process zero times.

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D. Brown Management
December 30, 2018 2 minute read
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Even those that have gone through the succession process before are typically facing far different scenarios the second time around. 

Succession: Effectively Selecting Your Team of 3rd Party Advisors. Primarily Accountants and Attorneys.

Choosing the right team of advisors will help you effectively explore options and refine the details of your specific succession. Few basic rules:  

  • DO NOT hand over the process to a 3rd party. You own the process. These people are there to advise you, but ultimately, the decisions are yours to own. 
  • Not all advisors will agree and that is okay and even desired so that you can use your analytical skills to make the best decision.  
  • Not all advisors will be good at all stages of the process.
  • Your existing attorney, CPA, and consulting relationships may or may not be the best choice for helping you through the succession process. Run them through the same rigorous selection process as other candidates for your advisory team.  
  • Develop a rigorous selection process for picking your team based around the outcomes you want to achieve. Treat this the same as you would for hiring a high-level executive for your team.
  • If you think the fees for some good 3rd party advisors is expensive, check out the cost of a failed succession deal.  
Succession
Continue building value in your business, yourself and your key team members with a good succession strategy....
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Continue building value in your business, yourself and your key team members with a good succession strategy....
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