What’s Your “Hit By a Bus” Plan?

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If you’re an advisor that is three to seven years out from retirement, three realizations may start beginning to come into sharp focus:

  • You’re the main “rain maker” or driving force of your practice’s ability to generate new clients;
  • The day-to-day operation and managing of your book of clients, still requires your energy and your time; and
  • Your personal presence is mandatory to keep the flywheel of your business spinning.

Discovering these realizations towards the end of your successful career can be a wake-up call that requires a strategic solution.

A peaceful retirement, including the knowledge that your business will survive long into the future without needing to be sold, can quickly evaporate if you’re still the central rain maker of your business.

Ask yourself two core questions if you’re the main or sole rain maker in your business:

  1. Does my business have a replicable sales system that is not dependent on me?
  2. Is the majority of my client base built from clients getting to know me personally over the years, based on my personal relationship selling skills?

If the answers are “no” and “yes” respectively, then you’re the center of your business, the personal lifeblood of its income – making its continuance of survival untransferable if something were to happen to you.