Episode 89
Succession Planning Advice for Clients of Accounting Firms
Darryl Bates-Brownsword is a dynamic, driven Business Consultant, Coach and Mentor with over 20 years of experience and a passion for creating successful outcomes for founder-led businesses. He is a great connector, team builder, problem solver and inspirer – showing the way through complexity to simplicity.
He has built 2 international multi-million turnover businesses; one now operating in 16 countries. His quick and analytical approach cuts through to the core issues quickly and identifying the context. He challenges the status quo and gets consistent, repeatable and reliable business results. Shownotes:
- One of the good things about working with accountants is that they ask tough questions
- The accounting profession is going to huge change but this represents an opportunity for accountants to really serve their clients
- Advisory is the value that accounting clients really want; they don't want compliance and see as a commodity to be bought as cheaply as possible
- The accounting firms that are growing are prepared to challenge the status quo
- A succession plan is something that is not in your head but is written down and agreed by stakeholders as a route to how you will accent your firm
- Succession plans benefit from training and developing your people to move up through your firm
- The main reason to have a succession plan is for business owners to get the most out of their life's work
- Most exit plans focus on three years in the future because that's the ideal amount of time where the owners don't have to do anything specific
- The biggest reason entrepreneurs and business owners leave their succession plan too late
- Growth for growth's sake is meaningless growth is only part of success
- What makes people want to follow you as a leader, and it's not that you're growing
- Revenue is only one of the many factors that influence 'multiples' in an exit plan
- The importance of legacy and 'what am I leaving behind' when the owner or founder sells up and moves on - most people will exit the business only once
- The typical scenario whereby an accountant would invite an exit or succession plans strategist in as an extra professional adviser to their client
- Using exit specialists can create lucrative additional advisory work for accountants when help their clients sell a business
- The power of 'pre--due-diligence' in planning a business exit that pleases potential investors
- When owners and founders plan the exit of their business sufficiently ahead of time, they can leave on their terms
- Exits from selling a business require emotional as well as financial planning
- The three main options are journeys for a business owner to take when they want to exit their company
- The criteria, signs or triggers that tell you when a business is exitable
- The mental aspects for the owner or founder of 'letting go' of the business they've built up over years
- What potential buyers and investors are looking for when a business owner is looking to sell or exit
- People buy businesses for different reasons, like access to new skills, a new market or a new complimentary product
- The importance of the accountant as a trusted advisor in signposting and positioning exit specialists to help their business clients who are selling
- A flavour of the extra revenue an accountant can generate by helping a business owner client exit their company
- Best practice advice for an accountant to start the conversation with their clients about exit.
Originating in Australia, Darryl’s first career was as an Engineer in the Power Industry. Building businesses bought him to the UK in 2003 where he quickly developed a reputation for combining systems thinking with great creativity to get results in challenging situations.
A keen competitive cyclist, he also has an B Eng (Mech) Engineering and an MBA. You can reach Darryl here...
Call him on (UK) 07725 903 964
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