TITLE

Profiting Today by Planning for Tomorrow's Succession

AUTHOR(S)
Goad, David
PUB. DATE
September 2003
SOURCE
Journal of Financial Planning;Sep2003, Vol. 16 Issue 9, p44
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article presents information on the benefits from applying succession strategies years in advance of actually retiring, which include increased profitability, greater leisure time and better work styles. When asked about succession planning, about the only financial planners who accept its applicability are practitioners nearing the end of their business life cycle. Rarely will one find a mid-career planner who has focused much time on the subject. A personal information estimate, based on eight years of empirical observation, is that approximately 10-15 percent of financial planners are within one to two years of a succession event. Another 15-25 percent are within five years, and the balance of 60-75 percent are five to ten-plus years out before expecting to begin some form of an exit-transition strategy. While it is clear that those looking for a near-term succession solution need to gather all the information they can to promptly implement a cohesive plan, other professionals should take advantage of the time they have to apply advance succession-planning strategies to their utmost advantage. Such an ideal ultimately is what succession planning should mean for financial planners. INSETS: Characteristics of a Well-Developed Succession Plan;Psychological Points for Potential Retirees to Consider;The Benefits of Employees Stock Incetive Plans;Succession Planning Manual Offered By FPA
ACCESSION #
10849852

 

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