 They should view it [a succession plan] as an continuing process — part of the DNA of business — whether for their own firm or a client's business."Frederic J. Marx, Partner, Hemenway & Barnes. . |
Grooming heirs is a continuous process
Frederic J. Marx | InvestmentNews, January 2014
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Summary: Financial advisers who own a firm or have clients who are business owners appreciate the need for sound succession planning. Having a plan in place ensures stability well into the future, which means that clients are more likely to be around for multiple generations.The trick is that a good succession plan is like a battle plan: It's perfect only until it goes into action, and then it's likely to fall apart in five minutes.
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