Succession planning is the process of looking into the future and exploring which exit strategy will make the most sense for you, your clients and your family. It requires you to clearly articulate your vision for the business and your preferred exit strategy. It also requires you to be proactive in seeking out an interested party who will assume the ownership of your practice at a time and price that works best for everyone involved.
In many cases succession planning is as much about growing the business as it is about leaving it. Advisors working together, merging their practices or building a sales team for succession purposes often creates synergies that improve efficiencies and increases sales results. Read more