Succession Planning: Choose the transition best for you
You'll know when it's time to start planning for the next chapter. Embark on your journey toward succession with strategic planning and personalized support designed to secure your legacy. At Luminae, we empower you to transition your practice smoothly and confidently, ensuring your life's work is preserved and continues to thrive.
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At Luminae, we understand the unique challenges and opportunities involved in succession planning. Our mission is to provide comprehensive support to help you navigate this crucial transition with clarity and peace of mind.
Don't make the seven biggest mistakes
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Waiting Too Long to Plan:
Starting too late can lead to rushed decisions and missed opportunities to maximize value.
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Letting Your Manager Dictate Your Succession:
Allowing someone else to dictate your succession can lead to outcomes misaligned with your vision.
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Not Identifying Clear Goals:
Without a clear vision for your transition, it’s hard to align your plan with your personal and professional objectives.
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Failing to Groom a Successor:
Not preparing a successor can disrupt client relationships and reduce the value of your practice.
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Overlooking Client Communication:
Clients need to be reassured about the transition to maintain trust and loyalty.
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Ignoring Tax Implications:
Poor tax planning can lead to unexpected liabilities and reduced net proceeds.
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Overlooking Financing:
Not having a clear financing strategy can create challenges in funding the transition and limit flexibility in structuring deals.
You've spent a lifetime building your advice business. If you don't feel like you're got control over your succession plan, then let Luminae put you in the driving seat. Schedule your complimentary consultation with Luminae today. Discover how our succession planning services can ensure a seamless transition and preserve your business's legacy.
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telephone: 425-442-2289
email: info@luminae.com
It's your business. You have the choice to create the transition plan that works best for you. Whether you want to sell the entire business immediately or stay involved in the business, you are in the driving seat.
The Architect
Structure your succession plan to maximize compensation while minimizing transition time. A balanced approach that helps keep continuity for clients and staff, resulting in a successful & profitable sale.
The Legacy
Transition your practice to a family member or key employee. Preserve relationships, maintain values, and ensure clients continue to receive trusted service.
The Captain
Grow your team with young, energetic planners and staff to manage clients while sharing in annual fees. Reduce your responsibilities but stay engaged with the day-to-day operations.
The Ambassador
Maintain a long-term affiliation, balancing personal freedom with continued revenue. Stay engaged while maximizing your flexibility and income, while supporting your successor's growth.
The Mentor
Gradually transfer ownership while mentoring your successor. Provide guidance and continuity to ensure a seamless transition and maintain client service levels & trust.
The Curator
Keep your best clients while transitioning others to reduce the size of your book to match your lifestyle goals. For advisors who want to enjoy advising their favorite clients while enjoying their health and vitality.
CONTACT US TODAY
Ready to secure the legacy of your advisory practice? Schedule your complimentary consultation with Luminae today. Discover how our succession planning services can ensure a seamless transition
and preserve your business's legacy.
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telephone: 425-442-2289
email: info@luminae.com