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Your Complete Toolkit for succession planning

Four Critical Variables

Getting Ready for Succession Planning

Understanding the Keys to selling your firm

When you are selling a practice, there are four critical variables that will determine the success of your succession plan. These key items include:personelle 2-1

1. Right Time

2. Right Reason

3. Right Person

4. Right Communication


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Where Are You In the Process?

There are Risks & Opportunities Ahead. Let's Explore! 

There's no doubt, succession planning is challenging but necessary for ongoing success. When you are selling a practice, it is crucial to be aware of the risks you face and how to avoid them as well as appropriately approach each aspect. 

    1. TimeGet this wrong, your ROA/ROI could be a fraction of what you anticipated.
      Time is the key ingredient to transferring confidence and trust. Allow yourself about five years to complete the transition. The success of the handoff directly correlates to the amount of time you give yourself. Get this right, you maximize your return on assets (ROA)/return on investments (ROI).
    2. ReasonGet this wrong, you bear the risk of loss.
      Sellers, lack of enthusiasm and interest is not a great reason to leave a business. A better solution may be to recapture your passion and sense of purpose. Buyers, it's not a good idea to buy a practice to mask shortcomings, like weakness or lack of growth, of your own business. Instead, hone and refine your business. Get this right, you open up doors to a growing business.
    3. PersonGet this wrong, your clientele may leave you.
      As a buyer or seller, it is imperative that you find someone with complementary talent during the transition period. Additionally, similar experience, capability, and personality is key for long-term success. Get this right, you help ensure that your clientele are taken care of for generations to come. 
    4. CommunicationGet this wrong, you could throw your team into utter chaos.
      To help keep your team members and clientele buckled-in and supportive during the transition, you must properly position and frequently articulate your long-term integration and success strategies. Get this right, you provide continuity for your team members and their families.

Take the Weight off your shoulders

Four easy Steps to A successful transition

Our comprehensive toolkit is specifically designed to help you create the most successful transition possible regardless of where you are in the process. Our toolkit is broken out into four steps and includes valuation framework, personnel assessment, client assessment, and communication strategy.

Financial Management Succession Planning Valuation

Step 1

Valuation Framework, is designed to help you quantify the strengths and weaknesses of your practice. This framework serves as a benchmark to help you prepare your practice for sale at the highest possible ROA. This framework will also help your potential buyer pay an appropriate multiple, given the quality of the practice under consideration.

Financial Management Succession Planning Personnel

Step 2

Many senior partners are reaching an age where retirement is becoming a consideration. At the same time, many firms are offering fixed-term buyouts of the practices if they team-up. This inadvertently has created the perfect storm. Navigating this transition may create rougher waters than you anticipate. How will you integrate your succession partner?

Financial Management Succession Planning Client

Step 3

The degree of difficulty in managing and growing a practice boils down to its structural integrity. Your valuation framework and personnel assessment are designed to help you assess the structural integrity of the practice. This step is meant to help you assess the quality of your client base. It’s critical to understand the personas of your high value clients.

Financial Management Succession Planning Communication

Step 4

What you say to your clients and how you say it has an impact on your succession planning success. Emotions drive decisions, relationships, and trust. That’s why it’s important that your communications connect with investors on an emotional level. There are three stages to this step and 3C principles for all stages of your practice transition.

Advisor Testimonials

Don't Take Our Word For It...

Joining the EmVision team before retirement was the best choice for my practice. I wanted my clients involved in the transition to build trust in the team, as I have. EmVision is committed to upholding the standards of integrity and professionalism my clients have come to expect. The team works hard to best serve every client. Dennis Spontarelli, Wealth Advisor The statement was provided 12/2/2022 by Dennis Spontarelli who is a non-client. Dennis is currently affiliated with EmVision Capital Advisors as an advisor. This statement may not be representative of the experience of others and is not a guarantee of future performance or success. For additional reviews, search us wherever local businesses are reviewed.
After 20 years as a financial advisor, I was ready to retire but finding a suitable buyer was a challenge. Fortunately, I was introduced to EmVision. It was extremely important to me that my clients had a seamless experience, so I stayed with the practice through the transition. I enjoyed working with the EmVision team—they made the process a great experience for both me and my clients. Retiring without worries about how my practice would be handled meant everything to me. John T Wilkerson, Retired LPL Advisor The statement was provided 12/30/2022 by John Wilkerson who is a non-client. This statement may not be representative of the experience of others and is not a guarantee of future performance or success. For additional reviews, search us wherever local businesses are reviewed.
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