What is your retirement picture?

Tips to help you initiate your succession plan.

You help others prepare for their retirement, but have you prepared for yours? Preparing your succession plan early can help you manage unforeseen situations later. Here are four ideas to consider while initiating your succession plan:

1. What do you want retirement to look like?

Are you picturing leaving the practice completely or staying involved in some way? This question will help you decide how to transfer your business whether it’s a clean exit or planning a new role at the firm.

2. Who will be the successor? Do you want an internal or external successor? Both come

with pros and cons.

Internal:

- Culture is likely to stay the same not hindering service levels for clients.

- It can take longer to shape the leader, but you can gradually increase their responsibilities while you phase out yours.

- A higher chance to continue in some role at the firm.

External:

- Culture may change, and you have less control over what happens to your business legacy.

- Less time consuming.

- Less likely to continue in a new role at the firm.

3. Have you connected with a succession planning coach? These experts can provide

insights you may have not considered. They can also help assess the value of key parts of your firm to ensure you receive a fair price.

4. When do you plan to communicate? You will want to communicate your plan once you have the details. When you address clients and staff make sure you clearly address what this change means for them. Sharing information and encouraging questions can help ease nerves that come with change.

Source: Sun Life Wealth Management

Takeaway: Get an early start on your succession plan to ease future challenges.