
Related: Education, communication and collaboration
according to plan mentoringNo. 1: Develop owner mentality
be an ownerNo. 2: Create value
No. 3: Get your house in order
No. 4: Grow organically
Organic growthNo. 5: Groom your successor
There are many ways to transfer ownership.One last note about succession planning
- Start early. It takes time to put in place stock plans, earn-outs or seller-assisted agreements — not to mention legal, accounting and tax planning.
- Invest in your successor. Take steps to prepare them to become the new owner.
- Eliminate uncertainty. Keep employees, clients and carriers fully informed to ensure a smooth transition.
- Have a retirement strategy. What will be your role after you step down? Will you have a financial interest in the agency?
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.