Jason Thompson
Partner, Director of Valuation and Litigation Services

Nick Hopkins
Partner, Director of Tax Services

Tom Sponsel
Managing Partner

Mike Bedel
Partner, Director of Audit & Assurance Services

Lisa Purichia
Partner, Director of Entrepreneurial Services & Employee Benefit Services

Succession Planning

It takes a special blend of smarts, ambition and drive to build a successful business. But even the savviest business person often fails to think about what will happen to the company when they retire or move on to other endeavors. At Sponsel CPA Group, we advise our clients to begin planning for succession five to ten years out – though it’s never too late to start.

There are many moving parts in a succession process involving different areas of expertise from accounting, finance, wealth management, family dynamics and personal introspection. Sponsel CPA Group has developed a bundle of services within a methodical approach to succession planning. This applies to both a management succession as well as ownership transition, which often but don’t always occur at the same time.

A successful plan for a transition of ownership typically has six steps:

  • Ascertaining financial position – what’s it worth?
  • Planning and positioning for future management team – who will carry on . . .
  • Executing the transition plan – the transaction!
  • Dealing with the business owner’s needs after a sale – avoiding seller’s remorse
  • Estate planning considerations – protecting your legacy
  • Investing proceeds for a happy retirement – wealth management

Benefits include:

  • A specialized team of professionals with complementary areas of expertise: acquisitions, mergers, buyouts, income tax planning, estate planning, valuation, family-owned businesses, etc.
  • Succession plans customized to the objectives of the business owner and the business itself
  • Executive-level counseling so you don’t have to leave critical decisions to your spouse or heirs