167 - How to Create a Succession Plan for Your Practice with Jeff Evanello and Kris Kjolberg

You’d probably agree that new beginnings are typically exciting stuff.
A new relationship, a new home, a new job, a new baby … they’re all associated with energy, anticipation, and good feelings.

On the other hand, few people—including 48% of business owners—don’t like to think about endings, so they don’t. And that means they don’t plan for them, which makes it difficult to make rational and informed decisions when the time comes.

But not planning for the eventual ending of your business—whether you sell it, leave it to someone, or close it—means you’ll likely leave money on the table when it’s time to turn over the keys or lock the door.

In this episode, Kris Kjolberg and Jeff Evanello, whose expertise is in helping advisors acquire and sell their practices as well as in helping advisory firms build their teams, talk with Luke and Josh about the importance of developing an exit plan for your business.

To learn how to generate more referrals and repeat business, visit:

Follow Luke Acree:

Follow ReminderMedia:

#MakeAMillionInRealEstate #StepByStepSalesMarketingTips #RepeatReferralBusiness

[yourmedicarenursenavigator]

I have heard on one of the financial podcasts that there is approximately $30 trillion dollars that are about to be discussed in succession planning in the business of financial planning. The systems, processes, work culture and the "secret sauce" all have to align within 2 years during the transition phase per this episode. Glad to know that the age of the client and the transactional vs persistency nature of the revenue lead to discounting during the negotiation process. Then the "rotting fish" analogy during the transition phase is also a nugget. Hearing Luke get fired up about the minimum 2 years of personally handing over your best clients to the new owner and comparing that long process to a business owner's frustration after one month of cold marketing outreach was another nugget. You can't date, have dinner and then get married. Well, Luke, I met my wife in nursing school when I was 20, moved in with her and her kids 2 months later and been with her for 29 years. There is great opportunity for anyone right now to create a business during this succession planning phase and I for one have begun to create one.