Fall 2014 issue of Horizons

TRANSPORTATION & DEALERSHIPS

Emergency succession plans can also help identify future leaders and facilitate the discussion of what they need to do to prepare them which can then provide a clear picture of what the business needs to ensure its longer-term success. If the members of the current management team do not have the right set of skills and potential to be ready as successors when the time comes, the company can begin to focus on finding potential successors outside the company or even other exit strategies. Many small businesses fail to survive the transition to the next generation because the individual stepping into the role of the successor is unprepared. Any successor, family member or not, must be the right person for the job for the business to survive. Genetics alone do not qualify individuals as successors.

take responsibility for all the key leaders’ responsibilities.

Some members of the management team may have the skills necessary for some responsibilities but others may not, so it may be necessary to assign some responsibilities to more than one member of the team or engage trusted advisors from outside the company.

RubinBrown’s Transportation & Dealerships Services Group RubinBrown assists the transportation industry through accounting, income tax, retirement, estate and benefit planning.

John Butler, CPA — St. Louis Partner-In-Charge Transportation & Dealerships Services Group 314.290.3333 john.butler@rubinbrown.com

Mary Ramm, CPA — Kansas City Partner Transportation & Dealerships Services Group 913.499.4406 mary.ramm@rubinbrown.com

Aaron Pollard, CPA — St. Louis Manager & Vice Chair Transportation & Dealerships Services Group 314.290.3457 aaron.pollard@rubinbrown.com

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

page 60 | horizons Fall 2014