CONSTRUCTION AND REAL ESTATE projects are often complex, and the story behind the numbers is obscured by a lack of clarity and relevant data. Real-time financials combined with software that can help determine whether a deal is profitable are very important tools. But accounting firms are also vital resources in this process. The following case studies show the value that a CPA can bring to the table during these deals and transactions.
Many business owners are often so busy managing the day-today issues affecting their company that they overlook the importance of longterm planning. Would the company be able to continue if they were to retire? Are there people in the pipeline who are capable of stepping in to keep things moving forward? We routinely stress the importance of having a wellcrafted, written succession plan in place. Such a plan can provide a roadmap to guide a company through such a transition. This includes identifying the key leadership positions that may require a successor, as well as an estimated timeline for the transition. Once successor candidates are identified, the strengths and weaknesses of each candidate should be benchmarked against the skills and talents required for the position. Candidates should be groomed and provided with opportunities to gain the skills they need. The ultimate effectiveness of any succession plan depends on how smoothly the successor can transition into the new role without skipping a beat. A comprehensive succession plan can give current owners peace of mind knowing that the future of the company they have spent their lives building is secure, while also protecting their personal wealth.