In July, we posted an article on succession planning for family businesses and in May, we discussed exit strategies. When done properly, succession planning can help company morale as senior members of a company mentor and foster the growth of younger members and pass on their knowledge. But beyond the importance of succession planning on company morale, there are financial matters that need to be taken into consideration.
Today, Investment News reported on a survey conducted by Mathew Greenwald & Associates Inc. for the John Hancock Financial Network. The survey received 516 responses from financial advisors who expressed concern about succession planning. They answered questions about whether they were working on a succession plan and whether they had a successor in mind. They were also asked to create a wish list of succession planning services that interested them. Of those surveyed, 72% said that they want help getting a valuation for their investment business and 65% said that they wanted help getting a valuation for their fee-based business. The full article can be read here.
