Only One in Ten Advisors actually Pre-Plan their Succession, this Complacency leads to No Exit Value.

An early succession plan can mitigate the value destruction of your practice and create a lucrative exit or even an insurance policy if you get hit by a bus!

Most Advisors build a book of business that is solely dependent on their own efforts and every element of the practice is tied to the success or failure, of their work and abilities i.e. the total input of a single Advisor = their income and the value of their business.

This Advisor is central to the business, if they get hit by a bus, have a major illness or cannot perform for any reason, the clients disperse and quickly find their way to other Advisors, subsequently revenues also vanishes, and soon nothing is left, the business simply collapses and comes to an end.

Effectively, for the single Advisor business, simple unfortunate events are not just disruptions, they can be cataclysmic and quickly lead to complete catastrophe or disintegration of the business. I’ve seen this happen to colleagues, where major illnesses led to unwinding of their practices and by the time they recovered, there was very little left.

Clients are less empathetic and patient around these matters, they thems…