Continue The Relationship After The Succession
One of the challenges advisors face as they work with business owners on their succession plan is maintaining a relationship with that organization after the founder has moved on, says Terrence Kral, a partner with Kral, Goodenough & Kral, Inverness, Ill. “Will the next generation of owners feel the same about the original owners advisors or will they want to bring in their own?”
The insurance advisor can try to lock in his relationship with the business by implementing and managing the companys group insurance program and retirement plan, says John Oliver, vice president of strategic marketing services, Transamerica, Los Angeles.
Furthermore, Oliver suggests advisors do multi-generational planning when working with family-owned businesses. “The advisor needs to build a relationship with the children at the same time as theyre getting ready to take over the business.”