Succession Planning
I onboarded a new accounting client yesterday.
It’s a family business, with the parents having run it for nearly 40 years, and the children are taking over now.
The children are strong believer in using numbers from Accounting and Analysis to drive their businesses. However, their current outsourced accountant is unable to fulfill the Analysis need to identify gaps and help drive their businesses forward.
The family has a also few companies, and the parents are thinking of monetizing their properties and leaving a legacy to the children now, and I shared a new company group structure which could enable the aged parents to do just that.
There are some form of system and workflow in place currently, but they are not coordinated for the purpose of channeling the needed information for timely accounts closing.
I shared the Checklist of Workflows and Document flow in sequential order, and in the required Timing to be executed in the month so that accounts could be processed on time by my firm – CBO – for a Business Review Meeting to be conducted with the family.
On the whole, the family felt that their books are finally in good hands.
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