Plain and Simple: Bright Business Insights Summer 2019 | Page 9

Knowledge Transfer & Internal Transparency They say sharing is caring, and that mantra holds true in business as well – especially when succession planning is on the agenda. When it comes to business strategy and planning, financial and operational successes and misses should be discussed and a framework for building out this knowledge should be established to bring your key managers into the loop. I can’t tell you how many contractors I run across whose external business relationships and operating knowledge are all tied to one individual. In this case, the lack of knowledge transfer will greatly restrict the ability for the owner to transition and extract value. Processes & Procedures To ensure that your operational, financial, and accounting procedures signed change orders, etc.? Your future success depends on your ability to build out solid processes and procedures, which will help guide the company for many years to come. Whether your succession plan includes an internal management transition, personal liquidity event, outright sale, ESOP formation, or any combination thereof, executing on these fundamentals is critical. By doing so, you will mitigate the risk in your business and significantly increase its value. Most importantly, you will set yourself and your employees up for future success in any economy. If your advisors aren’t having these discussions with you, give me a call to discuss. are best-in-class, proper job costing and job tracking are paramount. Do you have weekly job meetings to review progress? Are costs properly tracked and allocated so you can quickly and adequately assess results? Are the “i’s dotted and t’s crossed” when it comes to documentation? In other words, have you properly reviewed and executed submittals, contracts, certified payrolls, notices of commencement, notices of furnishing, protecting lien rights, securing lien waivers, properly by: Kyle Stemple, CPA, CGMA, MBA, CEPA Principal & East Central Regional President 122 Fourth Street NW P.O. Box 1020 New Philadelphia, OH 44663 330.308. 6883 [email protected]