Two of the biggest objectives are:
- securing business continuity for your clients
- securing the value you have built up in your business over the years.
Here are some points to consider when thinking about the future of your business:
Start planning early
Advisers tell us it is never too early to start planning for succession especially as it may take at least five years to complete a full transition successfully.
Your planning could begin with thinking about objectives, your current financial situation and considering the following key questions:
- How much is your retirement lifestyle dependent upon the sale of the practice?
- Are you mentally and emotionally ready to step aside?
- What is the most advantageous way to receive the pay-out? Lump sum or single payment?
- Do you plan to sell your business to a partner or is family member interested in taking over?
- Will you use the services of an outside, unbiased platform?
Develop a process
One option is to develop a succession management process for your firm to follow and tying this succession plan to the overall strategy of your business.
Identify and nurture internal talent
Perhaps one of the most important questions is whether you want to transition to an internal candidate or sell your practice on the open market. If you are interested in internal succession, it may be wise to start identifying suitable candidates among your team at an early stage.
Our relationship with advisers in practice
For an example of how our relationship with Financial Advisers works in practice, allowing you to focus on the relationship with your client, please do not hesitate to read Simon Yates of Enlightened Money’s interview in Citywire.
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Our business development team understands the challenges that you face and are adept at identifying solutions that are right for your business. Find out how they can help.