Fall 2014 issue of Horizons

Transferring shares of stock or ownership in the partnership requires your legal and accounting professionals’ assistance, but ultimately it is relatively easy to execute. The real challenge in succession planning is transferring all of the critical knowledge that has made your organization successful to the next “generation” through a planned and intentional process. Businesses that execute the transfer of financial ownership along with knowledge ownership are the organizations that will have the best chance of making it to the next generation.

∙ A definitive timeline up through the incumbent’s retirement or planned departure

Those who execute such a plan and successfully transition should be rewarded and recognized by the organization. This type of behavior must be a top down, cultural initiative embraced by the company leadership and encouraged on a regular basis. Think about the key customer relationships, the critical vendors, the outside service providers, and the many key internal processes that are critical to the daily execution of the company’s core business and then start developing a succession plan!

RubinBrown’s Manufacturing & Distribution Services Group RubinBrown’s Manufacturing & Distribution Services Group is nationally recognized for superior assurance, tax and consulting expertise coupled with solid international business knowledge, exceptional inventory management and process improvement services.

Jim Mather, CPA — St. Louis Partner-In-Charge Manufacturing & Distribution Services Group 314.290.3470 jim.mather@rubinbrown.com

Todd Pleimann, CPA — Kansas City Managing Partner, Kansas City Office 913.499.4411 todd.pleimann@rubinbrown.com

Rick Feldt, CPA — St. Louis Partner & Vice Chair Manufacturing & Distribution Services Group 314.290.3220 rick.feldt@rubinbrown.com

Russ White, CPA — Denver Partner Manufacturing & Distribution Services Group 303.952.1247 russ.white@rubinbrown.com

Mike Lewis, CPA — St. Louis Partner & Vice Chair Manufacturing & Distribution Services Group 314.290.3391 mike.lewis@rubinbrown.com

www.RubinBrown.com | page 57