Plan today for the eventual transfer of your independent financial services firm Building a successful financial planning business is about industry knowledge, a strong commitment to performing fiduciary duties, and a steadfast determination to offer clients the best service possible. This book is going to challenge you and everything you think you know about succession planning. Preface Acknowledgments Introduction Chapter One: The Succession Conundrum Practices Built to Die What Exactly is a Succession Plan? Why You Need to Create a Succession Plan Now Your Clients Are Watching You! Why this Industry Struggles with this Concept The Evolution of the Solution Mind Your Own Business The Opportunity at Hand Chapter Two: How to Start Creating Your Succession Plan Defining Your Goals Building a Foundation for Success Facing Your Biggest Challenges Equity – A Powerful Business Building Tool Valuing a Financial Services Practice Practicing Equity Management Building Profit-Driven Businesses Chapter Three: Transforming your Practice into a Business Assessing What You Have Built A Building Problem, Not a Planning Problem A Parable Building Your Ship Rethinking Your Compensation System Balancing Revenue Strength & Enterprise Strength Selecting the Right Entity Structure Remodeling Your Cash Flow Production Model vs. Business Model Chapter Four: Creating Your Succession Team The People Problem The Secret Formula: G-1 + G-2 + G-3 Plan Before You Build and Hire Mining the Talent Pool Turning Employees into Equity Partners Onboarding Talent with a “Book of Business” Help Wanted Ad Solving the Talent Crisis in this Industry Chapter Five: The First Step - A Continuity Plan A Dress-Rehearsal for Succession Planning What Exactly is a Continuity Plan? Basic Components of a Continuity Plan Types of Agreements Funding Your Continuity Plan Continuity Plan Do’s and Don’ts A Powerful Acquisition Tool Communicating Your Plan Chapter Six: Charting Your Succession Course Exit Strategies vs. Succession Plans Selling Your Practice Mergers What Doesn’t Work in this Industry ESOPs What Does Work?  A Lifestyle Succession Plan Goals of a Lifestyle Succession Plan The Family Business - A Special Case “Yes, but…” (Obstacles to Overcome) Chapter Seven: Succession Planning Step-by-Step Where to Start Assembling Your Support Team Enjoy the Planning Process Doing the Math Establishing a Fair Price The Nuts & Bolts of a Plan Documentation Bank Financing – Expanding Your Options Beware of Benchmarks and Survey Results Chapter Eight: A Tale of Ownership Chapter Nine: Course Corrections Returning to the Harbor Empowering the Next Generation Growth is a Sign that Your Plan is Working What to do When Your Plans Change What to do When Their Plans Change Handling the Culture Shift Conclusion About the Companion Website About the Author Index