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Inheriting a Partner’s Portfolio: Why It’s Harder Than It Looks
If a partner in your firm is retiring and you’re being lined up to take over their portfolio, it can feel like the route to partnership is clear. The clients are there. The revenue is there. All you have to do is step in.
But brokers who sell books of business factor in at least 20% client attrition when a portfolio changes hands. Clients are typically within ten years of the retiring partner’s age. And the practice you inherit may already have been drifting before you arrive.
In this episode, you’ll go through the six things you need to plan for. And understand why inheriting a portfolio gives you a starting point, not a Business Case.
In This Episode You Will Learn:
Why brokers factor in at least 20% client attrition when a book of business changes hands, and what that means for the revenue picture in your Business Case
The age proximity issue: why a retiring partner’s clients may already be winding down, not growing, and how to account for this in your three-year projections
The six things your Business Case must address when it is built on an inherited portfolio, from client retention through to coming out from your predecessor’s shadow
Why a Business Case built entirely on someone else’s relationships is fragile, and what your partners will need to see from you independently
If you find this episode useful, don’t forget to like it and then subscribe so you don’t miss another episode.
What Help Is Out There For You?
If you can see the challenges but aren’t sure how to build all of this into a Business Case your partners will back, our Progress To Partner Academy can help you.
That’s precisely why we have the on-demand course ‘How to Create a Cast-Iron Business Case for Partner’ in the Progress to Partner Academy. It walks you through how to build a Business Case on the inheritance premise — one that addresses the risks head on and shows your partners a credible path forward.
Join our Progress To Partner Academy - https://subscribe.howtomakepartner.com/progresstopartner/ and use the code PODCAST10 to get 10% off 12 months of premium annual membership.
Links:
Complete our FREE Partnership Readiness Assessment - https://careerprogressionreadiness.scoreapp.com to see where you have gaps in your own development - you'll get a personalised report with actions for what progress your career forward
Connect with me on LinkedIn - https://www.linkedin.com/in/heathertownsend/
Join our Progress To Partner Academy - https://subscribe.howtomakepartner.com/progresstopartner/ and use the code PODCAST10 to get 10% off 12 months of premium annual membership.
Buy your copy of Poised for Partnership - https://amzn.to/3ETEYk3
Buy your copy of How To Make Partner And Still Have A Life - https://amzn.to/4iLxugM
Buy your copy of The Go To Expert - https://amzn.to/3HGPYlP
Buy your copy of The Financial Times Guide To Business Networking - https://amzn.to/406QPma
Get full access to How to Make Partner at howtomakepartner.substack.com/subscribe
View all episodes
By Heather TownsendIf a partner in your firm is retiring and you’re being lined up to take over their portfolio, it can feel like the route to partnership is clear. The clients are there. The revenue is there. All you have to do is step in.
But brokers who sell books of business factor in at least 20% client attrition when a portfolio changes hands. Clients are typically within ten years of the retiring partner’s age. And the practice you inherit may already have been drifting before you arrive.
In this episode, you’ll go through the six things you need to plan for. And understand why inheriting a portfolio gives you a starting point, not a Business Case.
In This Episode You Will Learn:
Why brokers factor in at least 20% client attrition when a book of business changes hands, and what that means for the revenue picture in your Business Case
The age proximity issue: why a retiring partner’s clients may already be winding down, not growing, and how to account for this in your three-year projections
The six things your Business Case must address when it is built on an inherited portfolio, from client retention through to coming out from your predecessor’s shadow
Why a Business Case built entirely on someone else’s relationships is fragile, and what your partners will need to see from you independently
If you find this episode useful, don’t forget to like it and then subscribe so you don’t miss another episode.
What Help Is Out There For You?
If you can see the challenges but aren’t sure how to build all of this into a Business Case your partners will back, our Progress To Partner Academy can help you.
That’s precisely why we have the on-demand course ‘How to Create a Cast-Iron Business Case for Partner’ in the Progress to Partner Academy. It walks you through how to build a Business Case on the inheritance premise — one that addresses the risks head on and shows your partners a credible path forward.
Join our Progress To Partner Academy - https://subscribe.howtomakepartner.com/progresstopartner/ and use the code PODCAST10 to get 10% off 12 months of premium annual membership.
Links:
Complete our FREE Partnership Readiness Assessment - https://careerprogressionreadiness.scoreapp.com to see where you have gaps in your own development - you'll get a personalised report with actions for what progress your career forward
Connect with me on LinkedIn - https://www.linkedin.com/in/heathertownsend/
Join our Progress To Partner Academy - https://subscribe.howtomakepartner.com/progresstopartner/ and use the code PODCAST10 to get 10% off 12 months of premium annual membership.
Buy your copy of Poised for Partnership - https://amzn.to/3ETEYk3
Buy your copy of How To Make Partner And Still Have A Life - https://amzn.to/4iLxugM
Buy your copy of The Go To Expert - https://amzn.to/3HGPYlP
Buy your copy of The Financial Times Guide To Business Networking - https://amzn.to/406QPma
Get full access to How to Make Partner at howtomakepartner.substack.com/subscribe