How to Prepare for an Unexpected, Untimely Exit
DEAR ADVISORS,
Today I’m sharing two big news items with you. First, starting this week, we will be moving to a bi-weekly blog schedule. As much as I love writing to you, this is necessary because of our next announcement. After months of dreaming, planning, writing, and collaborating, Ellevate Advisors is launching our first online course, in just a matter of weeks!!! It’s going to be about Continuity Planning for Advisors. You may be asking yourself, “What does this mean for me?” Keep reading to discover the answer to that, as well as the most common questions I get asked when it comes to Continuity Planning:
WHAT IS A CONTINUITY PLAN?
A Continuity Plan is essentially an emergency exit plan. I am sure you are familiar with the old Hit-By-The-Bus scenario. What would happen to your business if you were to unexpectedly get hit by a bus? A Continuity Plan is different from a succession plan where you have a long runway of years to strategize the outcome and guide a smooth transition. Our Continuity Course guides you through what happens TODAY if you were suddenly no longer able to work.
HOW DO I BRING THIS UP TO A POTENTIAL CONTINUITY PARTNER?
Another question I get asked a lot is, “When I am looking for a Continuity Partner, how am I supposed to begin the conversation?” Finding a Continuity Partner can be a little like going on a first date. You need to feel out the waters, and it may take a few tries before you find “The One.” We know it is a little awkward, and we kept that in mind when creating this course. We provide you with step-by-step processes on how to interview and find the best Continuity Partner for your firm, meeting three main criteria: personal fit, financial fit, and the right fit for your business!
WHY IS THIS COURSE ONLY FOR FINANCIAL ADVISORS?
While Continuity Planning is important for any type of business, the information we cover in our course is specific to advisors and advisory firms. For example, the course includes a business valuation through Truelytics, which was created for and by advisory firms. We also have partnered with Chris Stanley of Beach Street Legal to provide you with legal document templates specifically for advisors looking to complete a written Continuity Plan.
When working with Exit Planning clients, I was surprised to find that there is very little information out there about Continuity Planning. It is an emotional subject. Who wants to think about an emergency event happening to them? But the truth is that every year an advisor you know will pass away without a continuity plan for their business or a financial plan for their family. I have witnessed first-hand the chaos that can unfold when a firm doesn’t have a written plan. Having your Continuity Plan in place today is critical to securing the future of your family and your financial advisory firm. Stay tuned for the official launch of Ellevate Advisor’s Continuity Course in a few weeks!
Warm regards,
Brooklyn
P.S.
At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Click here to schedule an initial phone call with our team today or get to know me on my bio here!