{"id":15443,"date":"2022-02-24T01:00:09","date_gmt":"2022-02-24T01:00:09","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/succession-planning-101-for-atlanta-businesses\/"},"modified":"2022-02-24T01:00:09","modified_gmt":"2022-02-24T01:00:09","slug":"succession-planning-101-for-atlanta-businesses","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2022\/02\/succession-planning-101-for-atlanta-businesses\/","title":{"rendered":"Succession Planning 101 for Atlanta Businesses"},"content":{"rendered":"
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Whether you\u2019re partial to the Olympics or American football, this past week has brought some great athletic entertainment to many Atlanta homes and businesses. <\/span><\/p>\n

As we speak, the U.S. has managed to grab 16 medals \u2013 7 of them gold. Among those gold medal winners is <\/span>Erin Jackson<\/u><\/span><\/a>, the first Black woman to win an Olympic medal in speedskating. And while he didn\u2019t medal, Shaun White made his final snowboarding bow as he placed fourth in the halfpipe contest.<\/span><\/p>\n

And speaking of winners, hats off to the Los Angeles Rams who battled their way to victory against the Bengals despite the loss of star Odell Beckham Jr. early in the game. They manage to take home a little decorative silver themselves in the form of the Lombardi trophy.<\/span><\/p>\n

Now, although we love sports and are still hopeful for more great Olympic moments, our schedule has actually been pretty jam-packed the past few weeks. I haven’t been able to pay as close attention as I would have liked, as a result.<\/span><\/p>\n

But we’re still clearing openings for people, which you can access right here:<\/span><\/p>\n

calendly.com\/mark-perlberg-cpa<\/a><\/strong><\/span><\/p>\n

Now, let\u2019s dive into the topic of succession planning and why you need to think about this for your Atlanta business\u2026<\/span><\/p>\n

<\/span>Succession Planning 101 for Atlanta Businesses<\/strong><\/span><\/span><\/p>\n

\u201cWhat could be more important than equipping the next generation with the character and competence they need to become successful?\u201d – Colin Powell<\/i><\/span><\/p>\n

Your small business is one of your prized possessions. Why wouldn\u2019t you want to take the best care of it possible, for as long as possible \u2013 even after you\u2019re no longer running it? <\/span><\/p>\n

Handing over the reins of a business doesn\u2019t automatically go well. When Disney screwed up its succession planning a few years back, the stock took a serious hit, causing the bigwigs to launch into hissy fits. <\/span><\/p>\n

When the old-time members of the Gucci family wouldn\u2019t let the younger successors spread their wings, the backbiting and the tax accusations flew worse than designer luggage at the airport. <\/span><\/p>\n

And brothers who were inseparable since childhood recently watched their business and personal relationship go, as one brother said, \u201cdown the drain\u201d at McCain Foods. <\/span><\/p>\n

The problem? These businesses either didn\u2019t have a succession plan or \u2013 more likely \u2013 had one and didn\u2019t stick to it. <\/span><\/p>\n

So, what can you do to prevent these problems? <\/span><\/p>\n

Envision that clear path<\/strong><\/span><\/p>\n

If you\u2019re like many small-business owners, you don\u2019t like to think about the day when you\u2019re no longer at the wheel. Nevertheless, it happens eventually. Be realistic and make a plan \u2013 now, while there\u2019s still time \u2013 that establishes a clear path of progression for your business. <\/span><\/p>\n

No matter who shares control of your small business, a succession plan ensures that the future of what you worked so hard to build won\u2019t suffer from a power void \u2013 or a power struggle. Your business is too important to risk it falling into unqualified hands. <\/span><\/p>\n

Maybe a part of you is thinking, People are gonna fight if they\u2019re gonna fight when that time comes, no matter who a piece of paper says is in charge\u2026 <\/span><\/p>\n

Maybe, but a succession plan ahead of time can put things in place to prevent that trouble before it begins. Not only will managers know where they stand, but they can also help people under them understand, too. A succession plan helps everybody understand and start training for their eventual role as soon as possible. That makes everybody feel more secure as part of your business (kind of helping you today, too\u2026). <\/span><\/p>\n

What kind of plan do you need?<\/strong><\/span><\/p>\n

Succession planning comes in a lot of flavors but there are two basic types of plans: long-term and emergency. <\/span><\/p>\n

Your \u201clong-term\u201d plan will be the blueprint for how your business might fill key positions if needed someday. The \u201cemergency\u201d plan, as you can probably guess from the name, comprises temporary measures to keep your business running smoothly.<\/span><\/p>\n

Some questions to help you start pulling a plan together: <\/i><\/span><\/p>\n