What happens when a succession plan goes right?
Father-son team Bob and Dan Binn of Private Portfolios in San Mateo, California, have been business partners since 2000. Over the years, Bob has received countless calls from other advisors asking for advice on bringing their children into the business.
Cammie Sorensen leveraged skills as communicator to build a practice
Christina Orta fueled by a passion for helping others reach their goals
After career change, Andrew Zanowski finds rewarding challenges as an advisor
Nick Vail’s business model makes practice a ‘gym’ for young investors
Advisors Kim Kropp and John Moylan formed their independent financial practice in 1996. John had three sons, and the partners discussed whether to bring them into the business and how that would work.
Here are some key documents or agreements you should put together before committing to bring a family member into your business, to help ensure its survival for generations to come.