As the average age of advisors increases, sharing experiences in exiting the business becomes more valuable. More advisors are developing and executing successful business succession plans. Voices of experience shared succession advice at the recent NAPFA conference, noting that there’s more than one path to a successful transition.
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Three basic ingredients
were identified for success. Allowing sufficient time to make sure the plan accomplishes what you wish, finding the right person to take over your business, and being willing to compromise offers advisors the best options for exiting their businesses satisfactorily.
Investing the right amount of time and energy can increase the value your business brings and can be a huge factor in your ability to enjoy the next phase of your life. It also can ensure ongoing success of your business if you continue to retain a financial interest.