In the world of accounting and administration firms, succession plays an increasingly important role. With an aging population affecting the industry, it is essential for owners to think about the future of their firm in a timely manner.
"We speak to owners every day who find that they can't actually start thinking about the succession of their firm early enough," says Mark Boelens, director of BANVO, Tax Advice and Administration Firms Network For Entrepreneurs.
DO'S:
Start on time:
It is never too early to think about succession. The earlier one starts planning, the more time there is to find a suitable successor and prepare for the transfer. 'It is understandable that many business owners focus on the day-to-day operations, but it is critical to also look ahead and develop a strategy for the future of the firm. With BANVO, we often ask for a six-year commitment, although of course this is by mutual agreement,' Boelens said.
Identify potential successors:
Look within their own firm for suitable candidates for succession. Invest in their development and make sure they are ready to take over when needed. 'In fact, many owners find out too late that there is no suitable successor running around the office and are then forced to look outside the office. A search that takes a lot of time and energy, which as an entrepreneur you would rather put elsewhere, of course. For example, we employ full-time sourcers for affiliated offices who are looking for suitable MBI candidates, in order to really take a worry off the owner's hands.
Make a plan:
Develop a clear plan for transferring the office. This includes establishing a timeline, identifying roles and responsibilities, and planning for training and transfer of knowledge. 'Many owners don't think about it until after the first steps may already need to be taken. We find that owners then greatly benefit from being able to spar about this with offices in our network that have been through this before.'
Communicate openly:
Keep employees informed about succession plans and involve them in the process. Open communication can reduce anxiety and uncertainty and increase support for the change. 'Precisely when you have already arranged everything in good time, you also give employees a certain peace of mind. We also notice this at our offices when they join. After the first questions, they also immediately realize that this means that the future of the office, and therefore their job, is secured for the coming years.'
DON'TS:
Procrastination:
Don't put off succession planning. "It may be tempting to put the issue off, but the longer you wait, the more difficult it can become to find a suitable successor and prepare for the transfer.
Making too many changes at once:
Try not to make too many changes at once during the transition period. This can cause confusion and jeopardize the stability of the firm. 'Ensuring continuity in particular is incredibly important. Ultimately Every change, no matter how small, still brings questions. We therefore believe it is important to preserve the DNA and working culture of the office for this reason, even when a new successor is ready.'
Planning for the succession of your accounting or administration firm takes time, dedication and careful planning. Says Boelens, "Ultimately, as an owner, you want to leave things well behind, which takes time.
