Resources for dealing with company after death of the owner.
September 9, 2013 7:49 AM Subscribe
My 40-something boss passed away very suddenly on Friday--young enough that while he'd brought up the notion of succession planning, to the best of my knowledge there was no set plan of what happens next. He was the sole owner of the CPA firm that employed me (a staff accountant) and another CPA. The other CPA is meeting with the attorney this morning, I believe, and friends of his are coming in to help us out in whatever way they can. But I'm hoping to find a few more resources for this coming week.
posted by anonymous to work & money (7 answers total) 1 user marked this as a favorite
I think the other CPA is overwhelmed, and I mostly want to be useful here in any way I can. I'm still fairly new to the job, but this is the best place I've ever worked, you know? I know we need to be looking for basics like whether there was a life insurance policy, the will, what his wife's wishes are, that kind of thing, but more generally stuff like:
What's the best way to announce this to clients and others?
Especially how do we explain that there may have been information that was in his head that we don't necessarily have access to--i.e., that they may be expecting things that we don't know we need to get for them?
What kind of factors need to be considered when looking at choices like whether to try to merge with another firm, hire another person, or just wind up the firm's affairs?
Just generally how do we stay productive when everybody's upset and overwhelmed?
Not necessarily CPA-specific, generally; I imagine advice for law firms or medical practices or any other kind of small business might have a lot of relevant stuff. I know there have to be articles out there about this sort of thing, but it was a rough weekend and I'm a little brain-dead and I was hoping some less emotional people out there might have an idea where we could look for info.
Thanks so much.