Making plans to transition your business to the next generation is always going to be a difficult task - and not just because of the emotions it can conjure up.
If you're a practice owner, you've put deal of blood and sweat into making your business what it is. Inevitably, though, everyone needs an exit strategy. Capital Partners chief executive David Andrew discussed his experiences with this process at the 2018 Financial Planning Association Congress in Sydney.
Here's what he learned:
Andrew's succession journey began when one of his partners indicated they “didn't want to do this forever.”
At that stage, it was about moving along a spectrum from considering a trade sale (that is, selling off a client book) to genuine succession.
In this case, the latter was chosen.
Transitioning operating responsibilities is, as one might expect, easier said than done. As Andrew put it, “I'd like $5 for every practice owner
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