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Transform Your Accounting Practice
Succession Planning Resource 
Jeff Faulkner, co-founder of the ISPA, shares his insights on a common issue that arises in succession planning. In the video, he talks about how business owners often have their business structures set up in a way that creates inflexibility when it comes to estate planning. This is a hurdle that can prevent business owners from achieving their ultimate goals for their business.
Faulkner stresses the importance of having flexibility in assets when it comes to succession planning. He notes that accountants may have considered converting from a C corporation to an S corporation before, but may have been deterred by the tax ramifications. However, he emphasizes that tax considerations should not be the only factor in making a decision that impacts the business owner's goals. It is ultimately up to the business owner to make the decision, and accountants should provide guidance that proactively guides their clients towards their goals.
By being involved in the succession planning process, Faulkner believes that accountants and attorneys can identify opportunities for asset transfers without needing a valuation. This approach can help open doors for accountants and attorneys to do more of what they do best.
In conclusion, the video offers valuable insights into how accountants can play a vital role in succession planning. By being proactive and guiding clients towards their goals, accountants can help business owners achieve their desired outcomes for their businesses.
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