Succession Planning & Working with Business Owners
b'Studies have shown that working with a niche is an excellent way for financial planners to narrow their focus, define their specialty, and become an expert in helping their unique client base. Josh Patrick, CFP\\xae, has had first hand experience with this as a financial planner whose firm focuses on working with business owners. \\nIn this episode, Josh discusses\\xa0he combines business coaching with financial planning for a successful practice. He has a simple but effective approach to inspire clients to act and work toward financial freedom. He believes that honesty is key, and helping business owners work toward retirement (rather than perpetually saying they\\u2019ll retire without taking action) is a necessary goal.\\nJosh discusses business owners who are in the \\u201cpermafive\\u201d stage continuously, which plagues many financial planning succession plans. This means that business owners are always thinking how they\\u2019ll retire in five years \\u2013 but don\\u2019t actually take the steps needed to make that transition. Josh knows this applies to financial planners looking to retire, as well. \\nFinancial planners who are in a \\u201cpermafive\\u201d situation have often already lined up a buyer for their practice \\u2013 and it\\u2019s usually a junior level financial planner. Josh walks us through how young planners can benefit from buying a practice, and how a planner in that \\u201cpermafive\\u201d cycle can finally break free and act on their ideal succession plan.\\nWe cover a lot of ground in this episode, and anybody who works with business owners, is a financial planning practice owner (or is aspiring to be one) will get a lot out of it!\\n\\n\\n\\u201cIt\\u2019s much safer selling to a junior planner\\u2026Because you\\u2019re doing an internal transaction, you can set the deal up so that a) it\\u2019s tax friendly to the buyer and b) you can stay in control of the firm until you sell it off.\\u201d\\n\\nWhat You\\u2019ll Learn:\\n\\nHow to work with business owners\\nHow to buy in as a junior level planner\\nHow senior advisors can set themselves up for retirement success\\nHow succession planning can help both the buyer and the seller\\nHow to get business owner clients to act on their financial plans and retirement plans\\n\\n\\xa0\\nThe Purposeful Planning Institute\\nBusiness Enterprise Institute\\nExit Planning Institute\\nhttps://twitter.com/askjoshpatrick\\nThe Sustainable Business\\nStage 2 Planning Partners\\nhttps://www.sustainablethebook.com/'