What kind of exit do you want?

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Continuing on from exploring the two main goals of succession planning, Jeremy Kitchin takes us through all the options on the table when it comes to making an exit.

Client notification 

Don’t forget to include clients in the succession plan. The personal relationships that develop over the course of years is the glue that holds the clients to the firm. Clients need to be aware of any changes taking place in the firm. The sooner the better. If clients are not aware of impending changes which affect them they may move to more caring firms.

  • When do owners need to give notice of retirement?
  • How will clients be informed of any major relationship changes in the firm?
  • When will they be informed?
  • How will the new contact be introduced?
  • Do major client accounts already have a second relationship manager assigned?
  • What is the firm doing to ensure that the clients are clients of the firm rather than of individual owners?

The succession optionsThe buy-out

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