Chapter 24
Ensuring Business Continuity and Planning for Succession
IN THIS CHAPTER
Keeping your business running when you can’t
Making sure your heirs don’t get stiffed when you die
Choosing the right person to run the business after you
Whether you’re a solo practitioner or owner of a several-member advisory firm, you need to plan for your succession to ensure business continuity and provide for your family (and perhaps for yourself) in the event that you can no longer practice (or you no longer want to practice) temporarily or permanently. If you die or are disabled without a plan in place for taking care of you, your family, and your clients, you may be destitute, your family members may suffer serious financial stress, and your clients may be left without the guidance they need to access their accounts or to transition to a new advisor.
A sure sign you’re at the pinnacle of your career is that your clients have tremendous confidence in you and are tremendously loyal to you. If you unexpectedly leave the business (due to a debilitating illness or accident, death, or family crisis; to pursue an incredible new opportunity; or to retire) without conscientiously transitioning your ...
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