Becoming the Ultimate Succession Planning Quarterback: How to Position Yourself as the Go-To Source

Kendall Rawls Author

As a business advisor, you know the importance of succession planning for your clients. Whether business owners or high-net-worth individuals, a solid succession plan can help ensure their legacy and provide for their loved ones long after they are gone. However, with so many moving parts and potential complications involved, owners commonly push it off because it can be a daunting task to take on. But with the right approach, you can position yourself as the ultimate succession planning quarterback and become the go-to source for all your client's needs. Here are some tips on how to do just that:

Be Proactive and Stay Ahead of the Curve

Succession planning is not a one-time event but an ongoing process that requires constant attention and adjustments. As such, it is crucial to stay proactive and anticipate potential issues before they arise. Keep up with the latest laws, regulations, and market trends that may impact your clients' plans, and make sure they are aware of any necessary updates. Provide regular check-ins and follow-ups to ensure their plan is on track and adjust as needed.

Build Trust and Establish Yourself as an Expert

Succession planning is a complex and emotional process, and clients need to feel confident and comfortable with their advisors. To build trust, establish yourself as an expert in the field by attending industry events, staying up to date with the latest research, and obtaining relevant certifications, such as ISPA’s Certified Succession Planner program. Demonstrate your knowledge and expertise by providing valuable insights and solutions tailored to your client's unique needs.

Create a Comprehensive Plan that Accounts for All Contingencies

A solid succession plan should account for all possible scenarios and contingencies, from unexpected health issues to market downturns. Work with your clients to create a comprehensive plan that includes detailed instructions for their beneficiaries, outlines their tax obligations, and addresses potential disputes or legal challenges. Consider all possible options, such as life insurance policies or trusts, and ensure that the plan aligns with their overall financial goals.

Collaborate with Other Professionals

Succession planning involves multiple parties, including lawyers, accountants, and other financial advisors. Collaborate with these professionals to ensure that all aspects of the plan are addressed and that your clients receive comprehensive and coordinated advice. Establish yourself as the quarterback of the team by taking the lead in communication and ensuring that all parties are working towards the same goals.

Communicate Clearly and Effectively

Communication is key to any successful relationship, and this is especially true when it comes to succession planning. Make sure you are communicating clearly and effectively with your clients, outlining the plan in simple terms and addressing any questions or concerns they may have. Provide regular updates and ensure your clients know any changes or updates to their plans.

Be Flexible and Adaptable

Succession planning is not a one-size-fits-all approach, and what works for one client may not work for another. Be flexible and adaptable in your approach, considering each client's unique circumstances and needs. Be open to feedback and adjustments to the plan as needed, and ensure that your clients feel heard and supported throughout the process.

In conclusion, becoming the ultimate succession planning quarterback requires a combination of expertise, proactive planning, and effective communication. By following these tips, you can establish yourself as the go-to source for all your client's needs and ensure their legacy and financial security for years to come.