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Succession Planning

Succession Planning Strategies

Planning is an essential component of managing a successful enterprise. In fact, many businesses spend significant time quarterly, semi-annually, and annually, evaluating current conditions, identifying goals, and defining the actionable steps to accomplish them. It is a common practice not only in the finance and accounting functions, but in operations, production, and across the company. It is a useful tool that ensures the business is moving in the right direction to ensure continued growth and profitability.

Despite this, many Denver companies find themselves challenged when it comes time for an owner or key staff member to retire or exit the business. It is not surprising because succession planning can often be a difficult process. Unlike similar exercises, there may be strong emotional attachment, a lack of time and resources, and/or resistance to change. This makes the endeavor far more challenging and often requires the assistance of a qualified advisor to oversee the process.

Succession Planning Experience

WhippleWood CPAs has significant experience helping companies in Denver and across Colorado navigate the complexities of succession planning. We work with companies across several industries in the development of a comprehensive succession plan and offer the resources necessary for execution. Our diverse team of professionals brings a unique blend of practical experience and technical knowledge to each step of the process. Whether a succession event is imminent, or you are planning for a few years in the future. WhippleWood CPAs stands ready to assist.

Succession Planning Services

  • Strategic Planning – We help to define short- and long-term objectives and develop a strategic plan that aligns with the vision. This includes assistance with identifying potential successors, evaluating readiness, and outlining a roadmap for training and professional development.
  • Ownership Transition – Identifying how ownership and equity will be transferred within the business is also an essential step. This often involves a buy-sell agreement, structuring financing options, and managing negotiations to ensure a seamless transition for employees, customers, and vendors.
  • Customer Transition Ensuring a smooth transition of relationships is essential to maintaining customer satisfaction and loyalty. Our team can assist with the development of transition plans, facilitating introductions, and maintaining clear communications to minimize disruptions or frustrations.
  • Continuity Planning – Our team will help to establish contingency plans to address unexpected events such as disability, illness, or unexpected departures. Efforts are coordinated to ensure business continuity while protecting the interests of the business and its customers.

Contact Us

If your company is facing a succession event, or is interested in planning for the future, WhippleWood CPAs can help. For additional information call 303-989-7600 or click here to contact us. We look forward to speaking with you soon.