Transition Planning Fundamentals

To help you achieve your transition planning goals, our online content is organized into four key areas:
Transition Fundamentals
Mergers and Acquisitions (M&A)
Adding an Advisor
Internal Succession

Why Start Planning Now?

It's important to take the time to make a carefully built, long-term plan to support your firm's growth and exit strategies. While this process does require considerable effort, developing a good plan can help protect your business, increase employee engagement and deepen trust with your clients. Not planning can be costly and may negatively impact your stakeholders.

Timing is crucial, since many critical decisions must be made well before a plan is to be implemented. Even if your business seems relatively young, there are compelling reasons to start now.

Benefits and Outcomes

Whether you’re planning to grow or exit your business, a comprehensive, long-term transition plan can provide value for your clients, employees and you. The right plan has the potential to achieve the following:

For your clients

  • Improves client satisfaction by providing a smoother transition process
  • Allows them to focus on the services you provide
  • Informs and helps them prepare for a transition ahead
  • Reassures them their interests will be protected in the future

For prospective clients

  • Shows them you’re focused on protecting client interests
  • Demonstrates the best practices of a well-managed, professional firm

For your employees

  • Enhances loyalty and engagement, as they can contribute to and benefit from the firm’s potential growth and continued success
  • Helps attract and retain high-caliber talent and prospective owners who may lead the firm in the future
  • Creates a career path and potential ownership
  • Presents opportunities for development and more responsibility

For you

  • Enhances possibility of financial gain by allowing you to aggressively build and then transfer a successful, growing business
  • Expands your options and lessens likelihood of having to sell on others’ terms
  • Increases confidence that your clients, employees and business will do well in the future
  • Improves the stability of your business, building credibility with clients and prospects

The Transition Process

Developing a transition plan involves important steps. Completing each step will guide you and simplify the decisions to come, helping you implement a successful plan.

Step 1: Establish Your Goals
Step 2: Assess Your Business
Step 3: Evaluate Your Options
Step 4: Create a Plan