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In this season of organization, you should take time to assess the future of your business and, at some point, consider your plan of succession. Unless you want it to play out like the popular TV series, you’ll require a well-planned strategy to avoid chaotic and unnecessary drama.


Who you sell your business to should be the primary consideration of your decision. One of the most logical choices for succession is to approach someone from within the team. The best candidate may be part of the current operation and know and understand the core values that you adhere to. A shared investment and management philosophy is crucial, and the inside knowledge of your process can make the transition nearly seamless.


“The company must be set up so it can run without me.” – Richard Branson.


Consider the needs of the team. Communicate with team members to keep them onside with the new management’s inevitable changes. When people feel their opinions are heard and considered, they are much more likely to accept the variations and support the plan moving forward.


Update your workflow manual so the new owner has a blueprint to follow that is familiar to team members and clients. Whoever takes over will eventually put their unique stamp and style on their operations, but a transition will be smoother if things that are working well remain in place.


Compatibility is the key to putting your client’s needs first. They have put their trust in your work, some for many years, and their future success is directly tied to the way you operate. Finding a successor with similar goals, values, and plans is paramount to holding onto clients you have been supporting.


If you intend to leave the business soon but aren’t prepared to retire, perhaps creating a partnership is the best plan for you. This transition can ensure your clients are left in good hands with a lead advisor who understands their needs, while growing the existing business.


“Retirement is not the end of the road. It is the beginning of the open highway.” – Author Unknown.


Retirement is not an overnight decision to undertake on a whim, and it requires thoughtful planning over the course of five to seven years on average. Allowing the plan to unfold over time will increase the level of success in your succession.


Advisors Team