Back in 1992, presidential hopeful Ross Perot named Vietnam war hero retired Admiral James Stockdale as his running mate. In the first vice-presidential debate, Stockdale opened his comments with a rhetorical question: “Who am I and why am I here?” This was greeted with hoots of derision from some quarters, the implication being that if he didn’t know the answers, why should we care?
At the risk of make the same mistake, I’ll ask the same question and hopefully give a better answer than Admiral Stockdale did.
My name is Sam Hull, CFP®, CPCC, and I am a recovering financial planner and former owner of Northstar Financial Planning, an RIA I started in 1995 and sold in early 2008. What I learned during the experience of selling my business has been the foundation of a new career as a business transition coach and consultant. I care passionately about helping my friends and former peers in the financial advisory business not make the same mistakes I did and take some “lessons learned” from mine and other people’s transition experiences.
That’s why I am doing this blog. I hope to open up a forum where we all can share stories and “lessons learned” about planning for and successfully executing the ownership transition of what, for many advisors, is their largest single financial asset.
So here’s a question for you. Do you ever feel like this?
- My business isn’t as rewarding to me these days as it used to be a few years ago. I’ve built a successful company and weathered good markets and bad, but somehow I don’t look forward to going to work like I used to in the old days.
- The older I get, the more I want to do with my life! Helping my clients build fulfillment in their own lives is wonderful and I love it—but I sometimes worry I don’t leave enough time and energy to explore “what’s next” for me. I have dreams too!
- I thought my internal succession plan was all set, but whenever my successor & I start talking about what I want in the terms of the deal or the money, the conversation turns frosty.
You do? Then you may be ready to leave a comment or question about how to get ready for your business ownership transition and learn (or share) what to do next. Let’s talk!
Sam Hull, CFP®, CPCC, ACC, RLP
Whitewater Transitions LLC