Only 40% of advisors have given the idea of succession some kind of thought
Starting the succession planning conversation is a great opportunity for advisors to get to know the next generation
Although successfully completing a transition of a family-owned business to a new owner can take years, 60% of entrepreneurs who are within 10 years of retirement age have yet to start discussing their exit plans. That’s why I was so pleased to be introduced to Ian R. Campbell and his new book, 50 Hurdles: Business […]
Increasing your AUM while decreasing the number of clients in your book can make your practice more profitable today - and more valuable later, when you are planning your succession and looking for a buyer
There's much concern among advisors that their firms are not doing enough to bring in new blood
As advisors get older, they're paying more attention than ever to their exit strategies. And firms that received the highest performance ratings in this category offer advisors both a greater say in the process and flexibility
Although you should always seek independent legal advice before entering into anything as important as a succession agreement, here are some guidelines for the kind of information that should be included
It can be gratifying to discover that several advisors are interested in taking over your book and willing to spend time getting to know you and your clients for several years before the transition. But it's key to choose the right person
You don't have to have a transition date chiselled in stone, but you should have an approximate target for your departure from your business. Then, you can begin to determine which succession option works best for you
An internal sale leaves sellers more confident because the buyer understands the business and is less likely to sue