If you don’t currently subscribe to Michael Kitces’ Nerd’s Eye View blog, do so. You are missing insightful reading if you do not.
He put together an excellent summary of a new book on internal succession planning, Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space.
Having worked with advisors on putting together a succession plan, I can attest to the emotion of the conversation for both the buyer and the seller. It takes a middle man to help both sides focus on the common goal and create understanding between the two perspectives.
The key take away from Michael’s write up to me is that both sides have risk in a transaction, and the stress and effort related to this risk is to be respected. Read it here: