Best Practices & Firm Management

Meet the Co-chairs - TIAG

Baker, Kurt
ESV Accounting and Business Advisors

Meet the Co-chairs - TAGLAW

Butler, Ed
LK Shields Solicitors

Levy, Robert
Kuit Steinart Levy LLP

Contact: Randy Myeroff

Planning for business succession is a vital discipline to help keep organizations running smoothly, and ideally thriving, from one regime to the next. Building a plan for the future boosts confidence in customers, employees, investors and lenders.

The key to success is to start early, particularly considering today’s demographics. According to the Pew Research Center, 10,000 baby boomers will reach age 65 every day until 2029. As they retire they will take with them invaluable skills and knowledge. Aging boomers, many at the top of the organizational chart, must strategically build the next generation of leadership as they contemplate the right time to step away.

Succession planning is tough work to say the least, with a myriad of practical and emotional issues to consider. Below is a recent interview I gave to Taxonomics discussing some of the key building blocks to planning for a successful business exit.

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Running your business, you may feel that looking at what has already happened is the best way to project what will happen next. In reality, though, it’s not the best way to operate. Looking ahead to the future with the help of the present will give you a solid idea of how you’re performing, and where you need to ramp things up. You need to be sure that more cash is flowing into your business than flowing out, and you’ll only know this if you forecast.

So when you’re operating day-to-day, and have plans for your business to stand the test of time, you need to be forecasting both short and long-term.

Read more: Why your business needs a forecast

Author: John Fitzgerald, CPA

Law firms that want to survive and thrive in today's competitive legal environment must pay attention to certain Key Performance Indicators (KPIs) inside of their firms. Understanding these metrics will allow the firms to improve in areas where expenses can be curtailed and profits enhanced. The result will be more profitable law firms, which will enable the firms to retain high-performing personnel.

Read more: Law Firm KPIs Deserve Attention

Business owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, the entire team (or at least key members) should have input on the choice. And while it may be impossible to please everyone, it’s possible to come close.

Read more: Build consensus before you buy business software

Michael H. Becker of FGMK (Chicago, Illinois, USA)

“I’m the CEO –my CFO and IT guys have it covered.”

“I’m the CFO –my IT department takes care of that.”

“I’m the CIO -it’s my responsibility and I have it covered.” Sound familiar?

That’s how many management teams at small to medium sized businesses think, until the unthinkable happens. Unfortunately, the unthinkable is happening more frequently in the world we live in. If you haven’t guessed it yet, I am referring to the protection of your company’s and your clients’ electronic information and systems which are vital to the ongoing success and survivability of a business.

Your business may be impacted sooner than you anticipate as instances of cybertheft are increasing exponentially. Cyberthieves are growing in number due to the many recent publicized successes of data theft and the relatively easy access on the internet to the tools needed to execute cybercrimes. Keep in mind that these cyberthieves could include one of your current or former employees, a key competitor in your industry, a city-state hacker from any country around the world, or even an organized group of hackers. The motivation of each of these groups can vary, but the vast majority are looking to make easy money by stealing and selling your business information holding that information ransom or leveraging it to perpetrate further theft.

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