Why your business urgently needs a succession plan

Have you ever thought about what happens to your business if you don’t wake up tomorrow morning?

Succession planning is an important part of owning a successful business and exiting gracefully when you retire or die. It protects you, your family, and your clients in the event of a sudden change in your life circumstances that would prevent you from going to work every day. It provides you with an opportunity to value and sell the business that you have worked hard to build.

Did you know that without a succession plan in place, all brokerage business, by default, will go to LPL Financial? In addition, all RIA business will become a house account of GVA. Please don’t put us or your family in such a precarious place.

We are asking that start your succession plan today.

To get started, please review the Succession Planning resources, including a Buy-Sell Agreement Template you can bring to your legal counsel, in the GVA Advisor Portal Library under Book Valuation > Sample Agreements and on the Succession Planning page under the Practice Development tab of The Gateway. Once you have completed this, or if you already have a Succession Plan in place, please send the signed version to GVA Compliance as soon as possible so that we can help deliver on your wishes should the unthinkable happen to you.

You can also work with a firm like FP Transitions and their Equity Management System, a solution for managing, protecting, growing, and transitioning your most valuable asset – your business.

Contact: Compliance