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Who Can Help?
Kevin Spafford, CFP®
Given the complexity of planning for succession, you need an advisor who knows:
- People development
To do it correctly, you’ll need a facilitator who can lead a multidisciplinary team of professionals and guide the family.
The process is never once and done. Though we make it appear doable, it’s neither simple nor easy. Selecting the right person to guide your family through the succession planning process is key to lasting success. The outline of a job description for your advisor may include:
- Facilitating family meetings, leading discussions, and guiding others through the process.
- Delegating responsibilities and following up as appropriate to ensure that planning and implementation stay on track.
- Coordinating the process to avoid stalls, roadblocks, and train wrecks…
- Informing the family regarding relevant financial and legal matters that affect your intentions, the business, or the family.
Comprehensive succession planning is a long-term and emotionally demanding effort. It’s no surprise that the homework required and the commitment it takes is at times overwhelming. A good planner will lead the charge to make sure you achieve your planning goals.
Feel free to use the “Select the Right Person for the Job” tool at eLegacyConnect to interview and evaluate a variety of facilitator candidates. It’s like hiring a contractor to build your home. The builder may specialize in a specific trade, yet also have the capability to coordinate the team and ensure a design that helps meet your goals. In succession planning, the professional you choose as the facilitator may come from any one of the disciplines you’ll need to implement the plan---legal, accounting, financial, insurance or banking.
These seven questions can help you to identify the right person to lead your family's planning process. (eLegacyConnect tool available for public access - with no login required - through April 03, 2015.)
Thumbnail image courtesy of Montana Stockgrowers Association.
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Have questions specific to your family? We’re always happy to schedule a complimentary phone consultation to discuss your family’s succession objectives, review potential next steps, and determine how we can help.
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