How to Start Creating Your Succession Plan

Building a long‐term plan for the future requires the formation of a clear set of goals. This chapter helps an advisor start the planning process with an appropriate, yet personal, end‐game strategy in mind. Specific recommendations are provided in terms of common goals, when to get started, how to build a foundation to achieve your goals, and how to avoid the very common problems that undermine many independent models in this process. The use of business equity is introduced and examined as one of the most important tools in building an enduring and profitable business that can attract and retain the best of the next‐generation talent base.