The Tragic Tale of a
Troubled Business Succession
a tragic tale that plays out in many businesses across the
The owner of the
company believes he's finally ready to trigger his succession
plan and retire. So he names his daughter as his successor,
enjoys his retirement party and departs for his vacation home.
For six months of the year, the now-former business owner
lives at that vacation home while his daughter toils away at
establishing control of the company. Although her father has
given the daughter stock in the company, he still retains the
And whether on vacation or at his primary residence,
the former owner insists on calling
into work almost every day and being kept informed via email
of everything going on. When tough decisions are
required, top managers still look to him for final
confirmation. Every so often, he even pays a visit to the
office with much fanfare, undermining
the authority he has seemingly given his daughter to oversee
After a year or two of this, the true consequences start to
become clear. The former owner's relationship with his
daughter has deteriorated severely — mainly because of
business disagreements. And, without a clear strategic
direction, the company itself is floundering and falling
behind the competition.
The lesson of this sad story is fairly clear: Once your
retirement date arrives, stick to it. Doing so means getting
out - all the way out, at least in terms of decision-making.
Remember, you can always stay available as a consultant. Just
make sure not to undermine your successor's authority. Making
a clean break is usually the most effective way to ensure a
succession plan succeeds.
If you're nearing retirement, let us help you go over the
details of your succession plan. We can help with both the
financial aspects and the strategic moves that will keep your
company strong. Call us at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,