George Hartman, managing director at Accretive Advisors, continues his discussion of succession planning for advisors. In choosing a successor, he suggests you consider how you want your clients to be treated once the business is transferred. This will allow you to identify and evaluate candidates based on how well they meet the needs of your clients. He spoke with Gavin Adamson at the TMX Broadcast Centre in Toronto.
Finding an internal successor is by far the preferred exit strategy, cited by half of advisors, followed by selling the practice
Looking at your business from several angles can help make the transition to another owner go smoothly
Where should you look for the ideal candidate?
Set goals and start planning early
Ask yourself these six questions first
Accentuate the positive; frame the transition as a merger and a positive step for clients
Halifax advisor Bill Moffat can spend years preparing a business for sale
Passing along the family vacation property touches all aspects of wealth management planning