By Michael J. Searcy
Let’s talk about succession planning… As much as any business owner might want to lead their company forever, the need for an “exit strategy” is essential. Its value is clear for the current owner, for current and future team members, and the individuals, families and businesses the company serves.
Have you given thought to what will happen to your business when you’re ready to exit or claim a different role?
Even if you’re young and potentially have years ahead of you in the business, the people you serve may find comfort in knowing you have a plan in place to take care of them beyond your years of service.
Plan for Succession
The more time you have to prepare and implement your succession plan, the more success you and your successor(s) may find. It takes time - I developed my plan more than fifteen years before it was implemented. Time to find the right people, to communicate your plan and to see it through.
Build a Strong Team
Back in 1976, I created Searcy Financial and ran it as a one-man shop. As we have built our team over those 46 years, we found that hiring for attitude and talent rather than specific skills helped strengthen who we are. We knew that once you get people on board that have the right attitude, motivation, passion and aptitude, they can learn what they need to learn. That’s why today, in addition to finance and economics, you will see a team with backgrounds in communication, economics, politics and international relations working together to deliver nationally recognized wealth management services. We didn’t all start out as “financial planners” but we put in the work, we earned our credentials, we were mentored, and we read/studied to become the team we are today.
Identify/Utilize Unique Strengths
While there are many skills and attributes that our team members share, each person also has talents and gifts that are uniquely theirs, creating a diverse team. These different strengths allow us to challenge each other, to question ideas and see them from different viewpoints, and to stretch what this company is into more of what it can become.
Knowing who we are and who fits best on our team has led to low staff turnover and increase in tenure has led to greater levels of knowledge, staff being better trained, and having more familiarity with each of our clients and their specific goals and objectives. This helps to preserve the value of a business.
Document Your Processes
The strategy of documenting your processes can lead to a more efficient transition through succession for the new leaders and your clients. A written process for the routine tasks your employees complete should be updated and revised as you evolve. Without the ability to see how an operation is performed, a new employee or leader may overlook certain steps that your clients find valuable or that are necessary for regulatory purposes. For new leaders, it’s nice to see what has been done in the past.
This firm wouldn’t be what it is today if we hadn’t planned for succession so many years ago. It is an honor to introduce the new executive team at Searcy Financial Services, Inc.:
Jessica Searcy Kmetty,
President and CEO
Marc Shaffer,
CERTIFIED FINANCIAL PLANNER™, Chief Financial Officer
John Fales,
CERTIFIED FINANCIAL PLANNER™, Chief Compliance Officer
Ryan Brooke,
CERTIFIED FINANCIAL PLANNER™, Chief Investment Officer
If you are a business owner who would like to discuss succession planning with an experienced team, call us at 913.814.3800 for a consultation.
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.
The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.
Originally published in Johnson County Lifestyle magazine in February 2022 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.
