These are all important questions in determining which advisers to involve and what exit path will be appropriate. Designing and implementing a successful business succession plan requires assembling a team of advisors with diverse skills from different professional backgrounds. Generally, this team of advisors includes a CPA, business/estate planning attorney, financial adviser, and other advisers as necessary. It is necessary to work closely with the advisory team to determine the initial finances of the business and whether there will be a deficiency in the owner’s personal finances. The advisory teamwill use a multidisciplinary approach to design the tax, business, and personal financial structures for a successful exit. The Final Piece of the Puzzle Depending on the owner’s objectives and the extent of the financial deficiency, the advisory teamwill need to identify the available exit paths for the owner, whichmay involve passing the business to a key employee or one or more children, or preparing the business for a third-party buyer. Successful succession plans are developed using a comprehensive roadmap that clearly identifies the exit path taken, the steps necessary to prepare the owner and business for the owner’s exit, and the parties or advisors responsible for each step along the way. In addition to implementing the proper exit path, the succession planwill also involve ensuring the owner’s estate planning objectives are met and business continuity planning is put in place. This will ensure the succession plan can adapt to unexpected circumstances such as the owner’s death or incapacity. Once the written succession plan is in place, it is important to routinelymonitor the progress and Classified Ads Nebraska Practices for Sale: Gross Shown • Lincoln, NE CPA $500K • Columbus, NE CPA $525K • Central Nebraska Tax and Accounting $1.05M New listings coming soon! For more information, call (800) 397-0249 or visit www.APS.net. THINKING OF SELLING? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. To learn more about our risk-free & confidential services, call Trent Holmes at (800) 397-0249 or email trent@apsholmesgroup.com. success of the implemented succession plan through measurable goals and markers, detailed on the plan roadmap. Over thenext 10years, understanding thebusiness successionplanning process and how to work with fellow advisors to meet business and owner objectives will be evermore important. The implementation of succession plans for most businesses can take upwards of five years to come to full fruition. In many cases, starting a succession plan at the 11th hour makes it extremely unlikely that the owner’s personal objective and objectives for the businesswill be achieved. Be proactive with your clients to ensure proper succession planning strategies are put into place now. It could mean the difference between success and failure as your clients begin to exit their businesses and may have lasting effects on business stakeholders and local communities throughout the country. Clark Youngman and Nate Patterson are attorneys at Koley Jessen, focusing their practices on estate planning and administration, business succession planning, and tax. Youngman and Patterson counsel business owners, families, and individuals, providing a range of services from preparation of basic estate plan documents to the development and implementation of sophisticated wealth transfer techniques and business succession strategies to achieve the client’s personal, financial, and business-based objectives. For more information, contact them at clark.youngman@koleyjessen.com and nathan.patterson@koleyjessen.com. Omaha CPA rm is looking for a CPA or accountant with 1-7 years of experience with a small or medium-sized CPA rm who will be trained to competently provide accounting, bookkeeping, consulting, payroll, and tax services to our clients. Communication skills and strong computer skills are necessary. Buy-in or purchase options are available in the future. In addition, an association with another rm is desired. Please contact Tony Buda at (402) 330-9927 or tony@tbudapc.omhcoxmail.com. TONY D. BUDA, P.C. CERTIFIED PUBLIC ACCOUNTANT 17 nebraska society of cpas W W W . N E S C P A . O R G
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