The action you take today will serve your best interests and, more importantly, the best interests of your clients. While many factors need to be taken into consideration when developing your own business continuity plan, below are three options that can serve as a “blueprint” as you move forward.

As you think about the future of your practice, do you plan to …

Buy — You may think you don’t have time, or even see the need, to develop a succession plan when you are still trying to grow your business. However, taking some steps now, and as you get closer to retirement, will build a strong foundation and pave the way for your practice’s eventual transition. In the meantime, this guide will help you follow the necessary steps for acquisition and growth. Buying can help you grow your clients base, generate new business and expand your service offerings.

Sell — Are you ready to transfer ownership of your business? Whether you plan to pass the torch to a family member, a mentor or an outside buyer, you will need to consider numerous factors that could affect the process. Selling can help you right-size your client base to focus on your specialty, refocus your role and prepare for retirement.

Merge — Are you planning to merge with another practice in order to scale the business or adjust your role? You’ll need a short- and long-term plan in place to ensure you find the right partners to provide the best outcomes for you and your clients. Merging can help you expand your service offerings, refocus your role, find economies of scale and prepare for retirement.

Questions to ask yourself before taking the next step:

• If we were sitting here three years from today, what would have to happen, personally and professionally, for you to feel good about the result? 
• What benefits from a change to my business do you want/need to see in your personal life?
• What does successful completion look like? What has to be there? What should not be there?
• Where are you flexible? For example, are you willing to move, change the brand, combine staff, standardize? 

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