This means that by the time you exit, you have a team that understands and has the skills and confidence to maintain your high-performance business and culture.
The personal development plans for key team members must be your personal responsibility.
In addition a strong succession plan can help attract quality talent from competitors who will want to join, being attracted by your stability and long-term planning approach.
Better options out there?
Selling to your existing team may not be the most financially attractive option available to you.
Despite economic and political uncertainty, there are still many consolidators and networks hungry to acquire successful financial advice firms.
There are many IFA consolidators, more than 30 active in the UK market at present, many with full pockets looking to offer high value for good advice firms.
There are also international firms keen to get a foothold in the UK, and networks in the market that have the ability to offer good value for advice businesses.
However, culturally this may present a challenge.
If achieving the most money for your business is your key driver, then you will probably want to look no further.
But most successful advisers I know are equally concerned about the future for their clients.
Another option for advisers looking at options to step back from their business is to join an adviser partnership.
If you can find a partnership that fits your existing culture, goals and has an outlook you find appealing, you may find that other advisers within the business would consider buying out your client book when you retire.
That way you can be sure your clients will be taken care of by a good quality adviser, as well achieving capital for your own retirement.
One of the biggest challenges when considering what option is right for your business is ensuring that your clients will be taken care of by an adviser with the same knowledge, skills and culture as they have been receiving.
Help along the way
Therefore it is important to make sure that any partnership you are considering as part of your succession solution is a good fit.
Last year Continuum launched its own succession solution for advisers considering the next step for their business.
It is available to all advisers within the Continuum partnership and allows advisers looking to grow their business to buy the client book of another adviser within the partnership who is looking to retire.
Many large wealth managers, advice firms and providers also offer an almost franchise-style model including a buyout model option.
