The primary purpose of every good succession plan is to provide the seller or retiring owner with options and opportunities. The best succession plan is the one that offers you the most personal and business choices. In his article in CPA Practice Management Forum, August Aquila explains that one of the greatest barriers to the successful succession plan is the business owner’s reluctance to give up control. This article explains why the key to successful succession planning is client transition and the confidence that the business will continue to prosper after the original owner moves on.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products