A Formula for Success: Succession Planning the “Right” Way


A Formula for Success: Succession Planning the “Right” Way 

Something I see a lot in my practice are firm founders and leaders who struggle with finding time to step back and see the big picture, much less engage in actual succession planning.

They are high achieving and caring professionals who value their clients and their team, yet this feels daunting and so much bigger than a business plan. It is.  This is about their life’s work and legacy!

Does this sound like you?  In the midst of all you’ve been through this last year, these feelings may be even stronger.

It’s not a secret that for many advisors, the uncertainty about their personal plans, and just where to start with planning, adds to the feelings of struggle.

This is why I’m on a MISSION to help successful financial advisors create a plan for succession using the right formula for success: my Triple Win Formula for Succession.  It all starts with valuing people.

Now more than ever, real engagement matters.

There is no value in your succession planning without valuing people.  In my view, a non-negotiable place to start is prioritizing time to “zoom out” to see the big picture.  Where is your starting point from a relationship/stakeholder perspective?

This simple, yet not easy, first step requires a candid self and team assessment through the lens of “win-win-win”.  Do your internal stakeholders—your team and successors—know how much you value them?  Are you sure?

You lay a foundation for success one rapport building conversation at a time about what matters most in creating a shared vision of success.   These are inclusive, courageous, candid (aka out-loud) conversations between people who care about each other, their work and truly desire a “win-win” outcome.

A process creates clarity and confidence.

For many founders and stakeholders, initiating these courageous conversations as a first step feels like a weight being lifted mentally and physically.

An effective process leads with revitalized communication grounded in practical considerations and actions to craft a customized roadmap so that everyone knows where we’re going and what their role is to get us there.

When next steps are clearly identified and communicated, you replace unspoken assumptions and expectations with whole-hearted buy-in for a shared vision of success. 

Imagine where you, your successors and your clients all win as you leave a truly sustainable business.

A note of caution: A process takes time. Beware of unconsciously rationalizing what John Kennedy called the “risks of comfortable inaction.”

If your personal, ideal timeline is anywhere from three to 10 years, it’s time.

I’ll go a step further and state, if you’re a firm owner or leader without a “real” plan and you’re older than 50, self-reflection and intentional engagement really isn’t optional.

Right now, is the perfect time—even though many of us are still working remotely—to cultivate deeper connections within your team.

The greater the rapport, the greater the trust.  The greater the trust the stronger your firm’s culture—a solid foundation for succession planning “the right way.”


Is creating and leaving a legacy important to you?

Let’s connect to find out if you’re ready for a personalized action plan so that you too have a clear path forward: a success plan for today and a succession plan for tomorrow.

Together we’ll determine what you really want for your legacy so that you and your business thrive on this phase of your journey… starting right where you are.

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 Click here to download our complimentary report– “5 Questions Business Owners Never Ask and Should, to Create a Succession Plan that Works ”