Brand Building, and Conversation Starters for Successors-Handout 2

Handout 2 - Hit-by-a-Bus workflow

Pdf Summary

Succession planning is a crucial aspect for advisors considering buying into a firm or becoming a successor. It relies on open communication, trust and respect, and a clear succession timeline. In terms of open communication, it's important to assess if the advisor is comfortable discussing their succession plan, if they are open to talking about your career track leading to partnership and succession, and if they are willing to share business information. Trust and respect play a fundamental role, and it's essential to determine if the advisor respects your education, experience, and personal values, if they trust you to provide good service and bring in new clients, and if they are open to changing business operations and delegating work. The succession timeline should align with both parties' expectations, and it's crucial to consider if the advisor is looking forward to retirement. Factors such as personal readiness, financial readiness, and business readiness should be assessed. Ultimately, saying 'no' to a succession plan can be a difficult decision, but it can lead to better opportunities for both parties if it's not the right fit.

Keywords

Succession planning

Advisors

Buying into a firm

Becoming a successor

Open communication

Trust and respect

Succession timeline

Career track

Partnership

Business information