Summary: Succession planning involves more than valuations and buy-sell agreements. Given all the blood, sweat, and tears you’ve put into your business, you don’t want to risk passing it to the wrong person—someone who doesn’t care for your clients the same way you do or who doesn’t value the staff who have supported you for years. But is it best to choose an internal or an external successor? There are pros and cons to each option.
 Whether you anticipate internal or external succession, keeping your name on the door may only be an illusion of a legacy if everything changes once you’re gone. You must decide what’s right for your practice and for your life. Remember, the strength of your legacy will have less to do with your firm’s branding than with the quality of the relationships you have developed throughout your career."Joni Youngwirth, managing principal, practice management, Commonwealth Financial Network®, |
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