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Category Archives: Atlanta Bookkeepers

There’s a Reason “Success” is Part of Succession Planning

If your business does not have a succession plan, you need to get started on one right away.

I really don’t mean to scare you, but plain and simply put, every business ought to have a succession plan. If you are under the impression you don’t need one because you’re not planning to make any changes in ownership any time soon … well, I understand you’re thinking. While you may be years away from retirement or a sale of your company, something else may happen, such as an unforeseen accident, or even worse, your death.

Our Lord and maker is the only one who decides that, of course, but you get my point. Who knows what the future holds – and if you do not want your company falling into the hands of someone who may not be able to lead – then you need to get busy creating your succession plan.

How to Create the Plan

A succession plan can be as simple as a one-page, short narrative describing whom the company goes to if the owner retires or leaves. Nothing fancy is needed, but what’s imperative is that those named in the document actually know your wishes. The last thing anyone wants to endure is a surprise; one day you’re the CFO, and the next you’re the CEO.

You need to define the roles of anyone mentioned in the succession plan and have some kind of order to succession that is a good fit with your customer or client base. For example, you may have someone who is great at sales but lousy at leading; you wouldn’t want to put this person in the CEO position.

Visit with everyone mentioned in the plan to make sure they are on board and update the document regularly, in case someone else leaves or other circumstances change. You’ll be glad you did.

Special Situations – After All, We’re Only Human

I’ve seen it happen time and time again. You’re dealing with humans who have real emotions, some who expect they’ll be in the plan only to find out they’ve been excluded. Consider these two special situations:

Family-Owned Businesses – This is where real friction occurs, especially between family members whose egos get the better of them. For example, there are three sons who all think they are your natural successor, but only one can take over. You might consider joint CEOs, but I’ve found even that rarely works due to differing opinions on how to run the company. The bottom line is to choose the son who is the best fit in terms of leading the company for the foreseeable future. The outcome will be difficult for the other two sons, but make it clear as to the “why” behind your decision.

No One Makes Sense – You may be in a situation where no one currently in the company is suitable to take the reins. This certainly happens. If this is the case, look outside your company and begin having conversations with other business owners and professionals to find the right person. You may bring that person on full time, or in a consulting/advisory role.

Don’t ignore succession planning! I’d be more than glad to visit with you to help you wrap your arms around succession planning. My door is always open, so give me a call or email me and we’ll meet.

QuickBooks Desktop to QuickBooks Online Conversion: Just a Leap of Faith Away to Big Benefits

QuickBooks Desktop to QuickBooks Online Conversion: Just a Leap of Faith Away to Big Benefits

A lot of us think that QuickBooks Desktop and QuickBooks Online (QBO) are one in the same, but that’s not exactly the case. Sure, they do the same thing, but they are on two very different platforms; QBO takes you places (literally!), proving the bridge to unlock untapped potential and the ability to take your…Continue Reading

Ransomware – Act Now Before It’s Too Late

When it comes to security threats and cyber attacks, we often don’t take any action until it’s too late – when it’s in our own backyard or it happens to someone we know. The latter recently happened to a colleague of ours with ransomware, something that shook us to our core and reminded us to…Continue Reading

The Power of Three: Benefits of a Client-CPA-Bookkeeper Team

A common misnomer is that a CPA and a bookkeeper are one in the same, when in reality, they have different roles. While the CPA deals with the day-to-day numbers, forecasts and tax filings, the bookkeeper turns the client’s data into actionable results to help take a business to the next level and grow exponentially.…Continue Reading

SBS Client Profile: Bruce Bishop of It’s Maid Day

Welcome to another Sound Business Services’ (SBS) client profile. I recently interviewed Bruce Bishop, founder and general manager of It’s Maid Day in Kennesaw, Ga., a suburb of Atlanta. Here is what he had to say about the driving force behind the company, the values that set it apart and what he gets out of the SBS…Continue Reading

5 Ways to Build an All-Star Team

No matter how much we know, and how great we are at our jobs, we can’t do everything ourselves and certainly can’t be everywhere at once. That’s why you must have a team around you that not only gets the job done and carries out your company’s message and intention, but also actually wants to…Continue Reading

New QuickBooks Online Improvements: Improved Budgeting, Invoice Tracking and More

Intuit is constantly making improvements to QuickBooks Online (QBO), and because QBO is in the cloud, you’ll never have to upgrade or load in a new version. Here are some of the latest feature improvements: Budgeting Done More Accurately As you may know, I’m a big proponent of budgeting. It’s so important to always know…Continue Reading

Going Paperless: What Do You Need?

Now that you have “4 Reasons to Go Paperless,” I hope you’re motivated to ditch the paper trail and go digital. Saying it and doing it are two different things. How exactly do you go paperless? What kinds of items will you need to make your transition a successful one? Sound Business Services is here…Continue Reading

5 Ways to Bolster Your Bookkeeping

As tax season kicks into overdrive, having a strong bookkeeping foundation is as important as ever. And, of course, Sound Business Services is there for you every step of the way. There are some routes and strategies for you to pursue and implement that will not only make both of our lives easier, but also…Continue Reading

4 Reasons to Go Paperless

If you could find a solution that saves time and makes you more profitable, wouldn’t that be worth pursuing? That’s exactly what happens when you take your business paperless. Yet, many business owners and staff I talk to haven’t gotten rid of the file cabinets, or the pile of paper on their desks, because they…Continue Reading