Succession planning is essential for any organization to ensure its long-term sustainability and success. However, creating a successful succession plan is not as simple as identifying potential leaders and hoping for the best. What are the steps that organizations need to take to develop a robust and effective plan? 

In this episode, Rusty and Robyn talk with Eric Godes, Senior Vice President and Senior Consultant at FP Transitions. Eric has been a pioneer in the wealth management industry. At Fidelity Investments, he helped to launch the first-ever ever home stock trading system. Also, he founded one of the country's first Registered Investment Advisors, Kobren Insight Management. At FP Transitions, Eric works with financial advisory firms across the country to help them reach all their goals, including internal and external solutions.

A longtime leader in the wealth management industry, Eric talks with Rusty and Robyn about succession planning and how it works. He also speaks about the foundation of a successful succession plan, the compensation structure, and finding the right partner.

Key Takeaways

Quotes

[08:57] - "Succession planning is a thoughtful, well-planned transition from one generation to the next. It doesn't happen at the moment, but it's usually a lengthy process." ~ Eric Godes

[13:22] - "A stronger, growing, and thriving business will be more attractive to successors. It's also going to help them afford the succession plan financially." ~ Eric Godes

[17:45] - "The first thing most owners would think about is, ‘does my potential successor have the same value set that I have?’ It's hard if you're not thinking similarly about the clients, the business, and what's best about servicing the clients." ~ Eric Godes

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0476-OPS-2/15/2023