We partner with Blue Ocean Global Wealth to offer The Case For Succession Planning CFP Board CE Program:
Exit strategies and succession planning are predicated on a series of proactive decisions. A comprehensive exit plan encompasses issues beyond the obvious monetary ones, including ongoing control, ensuring that an entity or financial asset remains with a family, providing care for valued employees, and establishing a legacy. Financial services professionals often follow the trend of many small businesses in the United States: they ultimately hand over the reins of their practices to a successor too late, failing to maximize value and realize their intended vision of succession.
The Case For Succession Planning explores several critical and relevant themes that help explain why succession planning is a complex, multidisciplinary problem. Intuitively, entrepreneurs and business owners know that they need to plan for a sale, partnership or transfer of responsibility, but a latticework of tangible and intangible factors impedes progress. As stewards of education and career development, Blue Ocean Global Wealth believes this arduous challenge represents a compelling opportunity for financial advisors, their clients, and the development of the next generation of industry leaders.
Effective succession planning is emotionally complicated and deeply personal. The decision by an entrepreneur or financial advisor to consciously address and evaluate how to retire or transition is perhaps the most difficult one they will ever encounter. We hope this presentation will accomplish the following:
- Engage financial advisors and convey the risks associated with not having a succession plan.
- Raise awareness among the advisory community that not having an exit strategy is a ubiquitous, national phenomenon for both advisors and their clients.
- Provide our listening audience with insight and clarity and, ultimately, a more expansive decision-making framework when addressing this quandary.