This week I want to make you aware of some of the highlights from the January issue of Life Insurance Selling. The "main theme" this month is Business Succession Planning, and the issue has four features devoted to various aspects of the topic: The psychology of exit planning; whole life's place in succession plans; 5 challenges for advisors to consider when planning their own exit strategies; and our Producer Roundtable piece with insight from Wayne Minich, CLU, ChFC, Ryan Platt, MBA, and Robert Wright, MBA.
Dr. Michael Klein, in his "Psychology of exit planning" feature, lists the most common reasons business owners give for not proactively working on succession strategies:
- "It's too expensive"
- "I'm too busy"
- "Better to wait until it gets closer"
- "Buyers will seek me out"
He then points out that much more complex dynamics are at work just below the surface, and outlines his strategies for working with business owners at each phase of the exit planning process: Succession; Readiness; and Departure.
While three of the features focus on working with business owners to craft effective succession plans, Brian Heapps, CLU, ChFC, tackles the subject of advisors creating their own succession strategies in his feature,"5 steps to approach equity and succession management."
