Ep 76: The Key to Successful Succession Planning

Financial Advisors Want to Know: The Key to Successful Succession Planning - Ep 76 Brooklyn H. Brock

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

Brooklyn Brock is a 3rd generation financial advisor and founder of Ellevate Advisors LLC, a fee-only, advice-only RIA, specializing in Financial Planning and Exit Planning for advisors. Throughout her career, she found advisors rarely do retirement or exit planning for themselves, despite the importance of these strategies in achieving long-term financial success. With her firm, Brooklyn focuses on helping financial professionals create comprehensive plans to ensure their personal financial future is secure and aligned with their professional goals. 

Podcast Takeaways:
Start Early for Better Results: Succession planning should begin early in your career. The more time you have to make decisions, the less stress you'll face when the time comes for transition.

Internal vs. External Succession: Advisors must make an early decision about whether they want to transition internally or externally, as each approach has different implications and timelines.

Managing Emotional and Relationship Factors in Internal Succession: Internal transitions often involve complex emotions and relationships, especially when it comes to partners and generational handoffs. Open communication is key.

Valuation Details Matter: Whether you choose a multiple of revenue or EBITDA, ensure your firm is properly valued. A fair and accurate valuation can save you from future challenges.

Advisors Need Their Own Succession Plans: Just like clients, advisors must plan for their own business transitions. Taking action now can ensure that your firm thrives in the long term.

Connect with Brooklyn:
https://www.linkedin.com/in/brooklynbrock
https://www.ellevateadvisors.com/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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