The Power of Understanding the Succession Matrix®: A Guide for Business Advisors

What is The Succession Matrix®

As a business advisor, it is essential to have a comprehensive understanding of the Succession Matrix®. The Succession Matrix® is a collection of key planning areas that impact the continuity of a business through the next generation, identified by the ISPA® Board. Each area in the matrix plays a crucial role in the success of a business, and any one area can significantly handicap the ability of a business owner to achieve their succession goals.

Why Understanding the Succession Matrix® is Important

By having a full understanding of all areas in the Succession Matrix®, you can become an effective advisor who can facilitate any of your client's needs and demonstrate your professional expertise. This does not mean you are the end all, be all to your clients, however. Understanding the Succession Matrix® gives you the power to take charge of the planning process, safeguard your interests, and establish credibility with referrals to other professionals.

How to Apply the Succession Matrix®

It's worth noting that the Succession Matrix® likely identifies areas of action outside the scope of your specific expertise that may seem irrelevant to the delivery of your core services. However, what may seem out of "scope," these action items still influence your role in the planning environment due to the interdependence of technical, business, and personal issues. Therefore, it's essential to be conversant and aware of all issues to position yourself as the sought-after "quarterback" advisor who can facilitate any of your client's needs while showcasing and deploying your expertise.

Call in the Cavalry: When to Seek Support from Other Professionals

If you find yourself in a circumstance outside your comfort zone, it's crucial to reach out to your network of supporting advisors or the network provided by the ISPA®. The most influential business advisor is the one who knows when and how to promote a qualified expert to address a specific need. By doing so, you will generate additional billable hours or opportunities to place products and create a value-added planning platform for earning referrals.

Providing Value to Your Clients Through a Comprehensive Understanding of the Succession Matrix®

Providing the highest value to your client requires having a full understanding of all issues that impact their planning goals. In return, you will establish yourself as their “go-to” person for any issue and develop a working relationship with partner advisors who will likely refer business to you in the future.

Taking the time to gain a comprehensive understanding of the Succession Matrix® is crucial for any business advisor. Utilizing the Succession Matrix® enables you to address all your client's needs, showcase your professional expertise, and establish credibility with referrals to other professionals. By having a comprehensive understanding of the Succession Matrix®, you can take charge of the planning process and provide your clients with a value-added planning platform.


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