We have spent time in recent weeks discussing succession planning and records retention. Best Practice: Continuation Plans stresses the importance of a continuation plan. Although it is written from the perspective of a CPA firm, some or all of the tips should apply to other companies, particularly small to medium-sized professional services firms:

• "Create a list of resources and phone numbers, including your professional liability insurance carrier, state and local CPA societies and their member crisis hotlines, utility providers and facility managers.
  
• Assemble a set of operating documents divided into sections including client lists, profile of proprietorship (executives, location of accounting records, contracts and bank accounts), procedures to monitor ongoing work, and the location of workpapers, personnel files and billing schedules.
  
• Decide on the type of continuation arrangement: one-on-one (usually a buy-sell agreement); group (several CPAs act as successors/partners to each other's firms); or state society plan (local societies or MPA committees assist in finding a successor).
  
• Identify and partner with a suitable firm by receiving referrals from CPA societies, bankers, attorneys or community groups.
  
• Implement the plan by writing instructions for all involved parties with your attorney and setting dates for annual plan reviews."