Are you doing enough to protect your staff and business?
As financial advisors, we specialize in preparing life plans for clients. How much time, though, do we spend on our business plans for what happens after our death? What happens...
Tag Archives: business planning and continuity
Opening a second office to retain a staff member
When a senior staff member said she needed to move from Bundaberg to Brisbane, Leanne Barbara Bull, Dip FP, CFP, simply said, “No problem, we’ll open an office in Brisbane.”...
Helping motivate an advisor to break through procrastination and sell their practice
We’ve had experience buying some practices. Not death scenarios but more retirement scenarios, with someone looking for a purchaser. Those situations have taken a very long time to develop from...
Being proactive to communicate your succession plan to staff
We have clients who have asked us, “Well, what happens if something happens to you?” We found that our clients definitely want to know our business succession plan. But we’ve also...
Should your kids be your succession plan?
Steven Wang joined his father’s business at 24 years old. For the next eight years, his performance was … not great. “I sucked,” he said. “There were some days when I’d...
6 ways to increase the value of your business before you consider selling
The best time to consider increasing the value of your business is long before you’re ever ready to sell it. “Starting early is the best thing you can do,” said Brian...
Buying a new book of business every year
It’s not unusual for advisors to buy books of business from other advisors. It’s less common, however, for an advisor to average at least one business purchase per year. Yet Alain Poirier has been...
8 questions to ask about your succession plan
Karl John Krokosinski, a 37-year MDRT member from Vancouver, British Columbia, Canada, has advised on more than 100 succession plans. Whether you’re the one leaving or taking over someone else’s...
How do financial advisors retire?
Financial advisors, even though they may have helped hundreds of clients successfully retire, can find their own retirement isn’t an easy transition. Finding balance is the key to a successful retirement,...
What can happen without a succession plan
By Allan T. Mendels, CLU, ChFC At 63 years of age Jerry was, in his own words, “living the dream.” He worked six months to qualify for MDRT, then spent the...
5 steps business owners can take to ensure a good transition
By David Grau Jr. Purchasing a business, especially from a family member or mentor, takes time and a willingness to have awkward conversations. The transition plan needs to include discussions on...
3 common mistakes of succession planning
At some point, you’re going to retire. Whether that’s partially or completely, you’ll need to execute a successful transition for your business, and that doesn’t happen overnight. It’s more like...
6 predictors of business transfer success
You feel like all the right pieces are in place to transition your business. The time and situation feel right. You are ready to pull the trigger. Even so, you...
Gain the confidence to believe you’ll always win
Many advisors have a business plan in place to provide focus to a target market, track and grow revenue, and much more. Donald F. White Jr., CLU, ChFC, a 28-year...
