Course Corrections

Planning for change is an integral part of planning for the future. This chapter is intended to help owners and next‐generation advisors adjust their plans to the changing circumstances of a personal services business. Information is provided on the experiences of past succession‐planning clients, good and bad, and the “rejuvenation effect” reported by many businesses following implementation of a succession plan. Additional focus is also provided on the critical role of next‐generation advisors who must commit a career to this process, and what happens when that doesn't go exactly as planned.