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Have an aversion to succession plans? Consider a continuity pact as a vital baby step

Dying without any plan is inviting disaster for family, employees and clients

Author Mike Byrnes
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Mike Byrnes: Likely, the advisor's lack of preparation leads to a fire sale, or even worse, the business just disbands and the clients are left out in the cold.

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Mentioned in this article:

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

Maria Marsala

Maria Marsala

February 4, 2012 — 6:49 PM

Very informative article. I have watched clients, nearing their 50’s “finally” create a written plan for their own business. Mainly they tell me that they know they want to exit their business in the next 5-10 years, and want their business to be worth the maximum possible. Most buyers will pay top dollar for an automated, turn-key business with written processes, etc.

Mitch Vigeveno

Mitch Vigeveno

February 12, 2012 — 9:06 PM

A continuity plan is not the final solution but it is an excellent first step to give your loved ones and your clients some protection against the unexpected. Identifying a competent successor is not the same as adding another financial advisor to the team. The successor must also have the leadership qualities and the business sense to take over the reins of the practice. Being a CFP is not enough.

Mike Byrnes

Mike Byrnes

February 13, 2012 — 2:10 AM

Maria and Mitch, thanks for your comments.

I really hope this article helps motivate advisors to put an agreement in place. There is nothing sadder than when something happens to someone you care about and you find out that there was no plan in place.

Mike Byrnes, President fo Byrnes Consulting, LLC

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