The Baby Boomer Exit Wave: 5 Must-Do Steps for Advisors to Dominate Succession Planning in 2025

Succession Planning Resource Author

Find out how integrating succession planning can boost your services, grow revenue, and make a lasting impact for your clients.

The clock is ticking. Every day, nearly 10,000 Baby Boomers turn 65, and for millions of business owners, this milestone raises one pressing question: What happens to my business when I step away? Shockingly, 60% of business owners don’t have a succession plan in place. For financial planners, CPAs, wealth advisors, attorneys, and business coaches, this is a once-in-a-lifetime opportunity to cement your position as the go-to advisor for business transitions and succession planning.

The "Silver Tsunami" is here—Baby Boomers are stepping away from their businesses, and it’s going to shake up industries, move mountains of wealth, and redefine what legacy means. But let’s be real: it’s a tough road, with emotional decisions to face, financial stress to manage, and the uncertainty of what lies ahead. This is where YOU come in—as the expert who guides them through the storm.

Ready to seize the moment? Here are five actionable steps to position yourself as the trusted advisor business owners can’t afford to ignore.

1. Understand Why This Moment Matters

Baby Boomers own approximately 2.34 million small businesses across the U.S. As the retirement wave peaks, the demand for succession planning is skyrocketing. Yet, the lack of preparedness leaves owners vulnerable to crises when health issues, financial hardships, or unexpected events force an unplanned exit.

Your role is everything. If you step in now, you give yourself the chance to help clients avoid heartbreaking mistakes, guide them through a smooth transition, and protect what they hold most dear—their business and their legacy. This is about more than just saving what they’ve built; it’s about making a profound difference in their lives.

2. Solve Their Biggest Pain Points

Business owners face a minefield of challenges during succession planning. Here’s how you can tackle the most pressing issues:

No Plan in Place

Owners often delay succession planning because they don’t know where to start. They’re asking themselves:

• How do I value my business?
• Who is the right successor?
• What if I make the wrong choice?

Your Action Plan:

• Break down the process into simple, manageable steps.
• Provide clarity on valuation, transition strategies, and leadership development.
• Be the empathetic partner who makes overwhelming decisions feel achievable.

Family Conflicts

For family-owned businesses, succession planning can bring unresolved tensions to the surface. Rivalries, favoritism, and differing visions can derail even the best-laid plans.

Your Action Plan:

• Facilitate open and honest family discussions.
• Mediate conflicts and align stakeholders on shared goals.
• Use structured frameworks to create clarity and consensus.

Unprepared Successors

Successors—whether family members or external hires—are often undertrained and overwhelmed.

Your Action Plan:

• Develop mentorship programs and leadership training plans.
• Create clear role definitions to eliminate ambiguity.
• Build confidence among employees in the new leadership.

Financial Dependence

For many owners, their business is their primary source of income and largest asset. This creates hesitation around relinquishing control.

Your Action Plan:

• Craft personalized financial plans to secure post-exit income.
• Show owners how they can achieve financial independence while stepping away.
• Ease emotional transitions by providing reassurance and tangible plans.

3. Expand Your Offerings

Advisors who integrate succession planning into their services can open the door to new revenue streams while delivering immense value. Here’s how to broaden your impact:

• Facilitate Difficult Conversations: Help families resolve conflicts and align on a shared vision for the business.
• Train Successors: Provide leadership development programs to ensure the next generation is ready to step up.
• Leverage Cutting-Edge Tools: Use resources like the Succession Planning Assessment™ (SPA™) to offer tailored, actionable insights.

By adding these services, you’ll deepen client relationships, establish yourself as an expert, and diversify your revenue.

4. Strengthen Relationships for Generational Growth

Succession planning isn’t just transactional—it’s personal. When you help clients navigate these deeply emotional decisions, you’re building relationships based on trust and empathy. These relationships often extend to the next generation, creating long-term opportunities to grow your practice.

Pro Tip: Position yourself as the “quarterback” of the process, collaborating with CPAs, attorneys, and other advisors to provide a seamless experience for your clients. This not only strengthens client trust but also builds your professional network for future referrals.

5. Educate and Empower Clients

Many business owners delay planning simply because they don’t understand its urgency. Bridge this gap by:

• Hosting workshops or webinars.
• Sharing educational content such as articles or whitepapers.
• Offering free consultations to evaluate readiness.

By positioning yourself as a thought leader, you’ll build credibility, spark meaningful conversations, and establish trust.

Trends to Watch in 2025

Stay ahead of the curve by keeping these key trends on your radar:

• Economic Shifts: Rising interest rates and inflation make valuations trickier—your expertise in timing and strategy will be crucial.
• ESG Priorities: Younger generations prioritize sustainability, influencing how businesses transition.
• Tech-Driven Solutions: Tools like the SPA™ streamline the planning process, allowing you to deliver actionable results efficiently.

Action Steps to Seize the Opportunity

1. Get Certified: Credentials like the Certified Succession Planner™ (CSP) set you apart as an authority in the space.
2. Adopt Proven Frameworks: Use systems like the Succession Matrix® to address interconnected challenges like leadership, ownership, and financial transitions.
3. Start Conversations Early: Don’t wait for clients to approach you. Proactively engage them about their options.
4. Personalize Solutions: Tailor your approach to each client’s unique needs, ensuring long-term success.

The Bottom Line

The Baby Boomer exit wave isn’t just a moment in time—it’s the defining opportunity of your career. By positioning yourself as the go-to advisor for business transitions, you’ll help your clients achieve their goals while building a thriving, multi-generational practice.

Don’t wait. The Silver Tsunami is here, and the advisors who act now will lead the charge.

Are you ready to dominate succession planning in 2025? Start today and take your practice to the next level.

Categories: : Leadership and Management Continuity