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.

    Because succession planning is about the end result it’s critical to clearly define the outcome you want and develop a business plan that will get you there. Without an effective business plan, successfully achieving your objectives and optimizing results, becomes much more challenging.  

Professionalizing your practice no matter what exit strategy you choose will always have an impact on the outcome for both you and your eventual successor.

Another important element to a successful exit strategy is time. The more time you have the better positioned you will be to develop and implement your plan effectively.

Consider the following eight Basic Steps when developing an effective exit strategy:

1. Develop a vision statement

2. Determine your preferred exit strategy

3. Identify your critical success factors (CSF’s)

4. Develop written action plans

5. Build a professional team of advisors

6. Develop a communication strategy

7. Prepare a detailed transition plan

8. Have a contingency plan

ASK US HOW WE CAN SET PLANS IN PLACE TO MAKE SENSE FOR YOUR BUSINESS, YOUR FAMILY AND YOURSELF.