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Succession planning for financial advisors : building an enduring business /
This book is going to challenge you and everything you think you know about succession planning. For independent advisors, succession planning is quickly becoming the cornerstone to a strategic growth strategy designed to perpetuate their business and their income streams beyond their own lifetime,...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
John Wiley & Sons Inc.,
[2014]
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| Temas: | |
| Acceso en línea: | Texto completo Texto completo |
Tabla de Contenidos:
- Succession Planning for Financial Advisors
- Contents
- Preface
- Acknowledgments
- Introduction
- CHAPTER 1 The Succession Conundrum
- Practices Built to Die
- What Exactly Is a Succession Plan?
- Why You Need to Create a Succession Plan Now
- Realizing the Value of a Lifetime of Work
- Recruiting Next-Generation Talent to Grow Your Business
- Preserving and Protecting What You've Built
- Your Clients Are Watching You!
- Why This Industry Struggles with This Concept
- The Evolution of the Solution
- Mind Your Own Business
- The Opportunity at Hand
- CHAPTER 2 How to Start Creating Your Succession Plan
- Defining Your Goals
- Rethinking Your End-Game Strategy
- Determining a Precise Starting Point
- Building a Foundation for Success
- Facing Your Biggest Challenges
- The Persistence of a Job Mentality
- Revenue Sharing: Heads They Win, Tails You Lose
- Fracture Lines!
- Equity-A Powerful Business-Building Tool
- Valuing a Financial Services Practice
- Recurring versus Nonrecurring Revenue
- Cash Flow Quality Factors
- Transition Risk Factors
- Marketplace Demand Factors
- Addressing Insurance-Based Practices
- Impact on Value of the Payment Terms
- Profitability and Its Impact on Value
- Practicing Equity Management
- Building Profit-Driven Businesses
- CHAPTER 3 Transforming Your Practice into a Business
- Assessing What You Have Built
- A Building Problem, Not a Planning Problem
- A Parable
- Building Your Ship
- Rethinking Your Compensation System
- Balancing Revenue Strength and Enterprise Strength
- Selecting the Right Entity Structure
- What You Need to Know
- Limited Liability Companies versus S Corporations
- Remodeling Your Cash Flow
- Step One: Collecting the Revenue
- Step Two: Paying Competitive Wages for Work Performed
- Step Two and a Half: Bonuses.
- Step Three: Profit Distributions × 3
- Step Four: The Investment in Equity
- Production Model versus Business Model
- CHAPTER 4 Creating Your Succession Team
- The People Problem
- The Secret Formula: G-1 + G-2 + G-3
- Plan Before You Build and Hire
- Mining the Talent Pool
- Turning Employees into Equity Partners
- Onboarding Talent with a Book of Business
- The Case of the Super Producer
- Help Wanted Ad
- Solving the Talent Crisis in This Industry
- A Conversation with the Next Generation
- CHAPTER 5 The First Step-A Continuity Plan
- A Dress Rehearsal for Succession Planning
- What Exactly Is a Continuity Plan?
- Basic Components of a Continuity Plan
- Types of Agreements
- Revenue-Sharing Agreements
- A Guardian Agreement
- Buy-Sell Agreements
- Funding Your Continuity Plan
- Continuity Plan Dos and Don'ts
- A Powerful Acquisition Tool
- Communicating Your Plan
- CHAPTER 6 Charting Your Succession Course
- Exit Strategies versus Succession Plans
- Selling Your Practice
- Selling Externally (to a Third Party)
- Internal Buyout (Selling Internally to a Partner or Key Employee)
- Something Different: The GlidePath Strategy
- Mergers
- What Doesn't Work in This Industry
- Granting of Ownership
- Phantom Stock Plans
- Employee Stock Ownership Plans
- What Does Work? A Lifestyle Succession Plan
- Goals of a Lifestyle Succession Plan
- The Family Business-A Special Case
- "Yes, but . . ." (Obstacles to Overcome)
- Sharing the Books and Records
- Next-Generation Personnel Who Are Not Ready, or Just Are Not Ownership Material
- Next-Generation Successors Have No Money
- I'm Paying Myself with My Own Money
- Change
- Losing Control
- CHAPTER 7 Succession Planning Step-by-Step
- Where to Start
- Assembling Your Support Team
- Enjoy the Planning Process
- Doing the Math
- Establishing a Fair Price.
- The Nuts and Bolts of a Plan
- A Multiple-Tranche Strategy
- It Is All about Growth
- Proper Application of Minority Discounts
- Granting of Ownership
- Shareholder Dilution and Oppression Issues
- Documentation
- Bank Financing-Expanding Your Options
- Beware of Benchmarks and Survey Results
- CHAPTER 8 A Tale of Ownership
- Succession Planning Case Study
- CHAPTER 9 Course Corrections
- Returning to the Harbor
- Empowering the Next Generation
- Growth Is a Sign That Your Plan Is Working
- What to Do When Your Plans Change
- What to Do When Their Plans Change
- Handling the Culture Shift
- Conclusion
- About the Companion Website
- About the Author
- Index.