Small Business Succession Planning



A graduate of St Louis University, Frank L. Zerjav, CPA, holds Masters of Business Administration (MBA) with a concentration in finance and a bachelor’s degree in commerce. Now leading the ADVISORY GROUP ASSOCIATES’ Tax and Advisory firms. Frank Zerjav Sr., CPA, with his team of Professional Tax Advisors and Tax Resolution Experts helps clients with business and tax planning, tax preparation, tax problem resolution, retirement and estate planning, and the creation of business succession plans.

Business owners should start their succession plans early to avoid rushing as the deadline for their exits looms. Succession plans should be in place approximately a decade prior to the leaving date, as succession often involves working out complex emotional decisions, as well as those related to the business. For example, leaders may need to make difficult choices about whether or not to hand the reins of their companies to family members and may need to consider how to approach the situation if they decide the business should go in a different direction.

Keeping clients informed about plans also helps to give structure to the company at a time when many may be wary about how business operations may change under new leadership. Be transparent about plans when communicating with clients and provide them with information about who is set to take over the company and what that person brings to the table once you depart. Also, apprise clients of any potential changes in business processes that may affect them.

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