Succession Ready Program
The Succession Ready Program (SRP) is designed for Accounting firms contemplating their succession over the next 1 - 5 years. The program runs for 12 months and is designed to assist practices with the implementation and execution of key items that will assist them in becoming prepared for their practice succession.
The SRP provides three key components:
Stage 1: Succession Ready Report
Your Succession Ready Report is a tailored report developed specifically for your practice with key recommendations that will be focused on during the Accountability phase of the program.
Stage 2: Succession-Ready Group Accountability Sessions
There are five Succession Ready Group Accountability Sessions (Online) that you can attend bi-monthly. These sessions will be conducted online with other practitioners facing similar issues. Each practice will be held accountable for implementing its agreed recommendations.
Stage 3: Succession-Ready Individual Review Session
At the end of the 12-month program, we will hold a review meeting of your progress during the Succession Ready Program.
A pre-requisite for the Succession Ready Program is attendance at our ‘Planning for Practice Succession’ Workshop.
Succession Ready
12 Month accountability program to manage your succession.
Valid for 12 months
Stage 1: Succession Ready Report
Stage 2: Succession Ready Group Accountability Sessions
Stage 3: Succession Ready Individual Review Session
The Program
Succession Ready Report
This report will consider the 'Succession Readiness' of your practice. It will identify specific issues and areas that, once addressed, will enhance the value of your business in the lead-up to your practice succession.
The report will also look at the optimum succession pathway for your practice considering the different stakeholder's perspectives and requirements and the overarching objectives of the business.
Your 'Succession Ready Report will thoroughly analyse your business and analyse the business across the following components on the right.
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Organisational structure analysis
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Ownership structure analysis
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Stakeholder Q & A analysis
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Client analysis
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Staff profile analysis
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Staff productivity analysis
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Practice information
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Office information analysis
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Financial performance analysis
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Cash flow analysis
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Competitive advantage analysis
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Growth opportunities analysis
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Market Appraisal
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Succession Ready Recommendations
Benefits and Value
The key benefits/value provided by this report are:
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Value improvement: In preparing your 'Succession Ready Report', we will conduct a thorough analysis of your business and identify a range of areas for you to address in the lead-up to your practice succession that will enhance the value of your business.
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Practice Appraisal: An understanding of a market appraisal of your business.
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Succession readiness: More often, practitioners are not ready or organised for their practice succession. Gathering all the required information and preparing your 'Succession Ready Report' will ensure you are advanced in achieving a successful practice succession.
Succession Options: The report will review various succession options and present a succession recommendation for relevant stakeholders.
Timing
Upon engaging our services, we will provide the Principal / Partners with a Practice Profile document to be completed and returned to the Consultant within 3 - 4 weeks of receipt.
Once the Practice Profile has been completed and all subsequent follow-up questions/queries have been addressed, a DRAFT Succession Ready Report will be available within 3 - 4 weeks.
Upon receipt of the DRAFT Succession Ready Report, it is expected to be reviewed and returned within 1 - 2 weeks with appropriate feedback.
The FINAL Succession Ready Report will be completed within 1 – 2 weeks.
If the Practice Profile information cannot be provided within six weeks, the FINAL Succession Ready Report may be delayed within the 1st 90 days.
Extended delays may reduce your firm's access to other components of the Succession Ready Program.
When
Stage 1:
Succession Ready Report
(1 - 3 months)
Stage 2:
Succession Ready Group Accountability Sessions
(4 - 12 Months)
Stage 3:
Succession Ready Individual Review Session
(12th month)
Outline
Complete engagement documentation
Complete the Practice Profile and required information, including associated stakeholder interviews.
Complete the DRAFT Practice Report
Full Review DRAFT Practice Report
Complete the FINAL Practice Report
Attend 5 Group Accountability Sessions bi-monthly online.
An agenda will be provided before each session.
Firms will be held accountable for the implementation of the agreed.
We will hold a review meeting at the end of the 12-month program to discuss your progress during the Succession Ready Program.
Timeframe
3 - 4 weeks
3 - 4 Weeks
1 - 2 Weeks
1 - 2 Weeks
Bi-monthly (5)
(60 - 90 Minutes)
1 Meeting
(60 minutes)