The Succeeding at Succession Program
Transitioning your practice profitably and proudly
Market Logics helps Advisors by providing a comprehensive process, backed by years of experience, to not only ensure a successful transition, but also to maximize the value of their practice — today and for the future.
This program is specifically designed to assist advisors with the development and execution of their practice transition and succession plan. Creating a robust succession plan is simply good business, regardless of the stage of growth of a practice.
As a successful advisor, you actively promote advanced planning to your clients to help them achieve their financial goals. As a business owner, it is just as important that you do the same by creating an effective transition and succession plan for your practice.
“Beginning with the end in mind” is the best way to determine an appropriate path forward for most advisory practices, whether succession is imminent or many years down the road. By following our disciplined, yet fully customized approach, we inevitably discover new opportunities for the business to advance to a higher level of success through the transition period and beyond. Creating a robust succession plan is simply good business, regardless of the stage of growth of a practice.
The Succeeding at Succession Program™ is a multiple-part engagement process that typically lasts 3 – 6 months. We will assist you in mapping out an action plan at a level of granularity that facilitates timely and accurate deployment. We can also prepare a written report, documenting your objectives, personal responsibilities and activities that support your succession strategy. This will serve as a roadmap for the implementation of your plan, which is complemented by our initial coaching.
The Succeeding at Succession Process
On-line questionnaire
Completion of a detailed questionnaire about your business and thoughts on succession.
Typically completed on-line, this comprehensive survey helps us get to know you and your business.
Pre-session conference call
This 30-60 minute call allows us to personalize the agenda for our face-to-face time together to ensure it focuses on the key issues that are unique to your business.
Prior to the on-site consulting session
We ask you to submit your most up-to-date business plan (if available), any practice valuation or valuation methodology developed so far and any additional information that you feel will assist us in gaining a better understanding of the dynamics of your practice and its potential.
On-site sessions
Two intensive, on-site consulting sessions (typically ½ day each).
During the 8-10 hours we will spend face-to-face (typically spread over two days), we will want to hear your thoughts regarding the future of your practice and what ambitions you have for your personal transition from the business. We will explore:
- Key factors that affect practice valuation
- The importance of being prepared both financially and emotionally to leave your life’s work
- Determining an approximate timeline for your plan to be successfully implemented
- Choosing the exit strategy that best balances your personal needs with those of your business
- What to look for in your successor and how to evaluate among candidates
- Structuring a transition plan to maximize client retention and minimize business disruption
Additional communication
Email and telephone communication, as required.
Written report
Detailed, written report of findings and recommendations (if requested: additional fee applies).
Follow-up coaching
Calls/meetings to ensure plan implementation for 90 days following agreement on the strategy.
Practice valuation
If a formal practice valuation is required, the Succeeding at Succession ProgramTM may be combined with Market Logics’ Practice Valuation ProgramTM, at special pricing.
