Succession Plan Solutions

Succession Plan SolutionsLast summer, Summit urged its financial advisors to implement a formal business succession plan.  Planning for the inevitable as well as business continuity in the face of unplanned events is critical to one’s financial security and legacy, as well as a service to your clients. As a “stopgap” measure, Summit even distributed a simplified agreement in lieu of a formal business succession agreement.

Approximately two weeks ago, tragically, one of our advisors passed away suddenly at the age of 48. He left a wife and three children; with the oldest getting ready to start college. He had no life insurance and no formal succession plan for his business. Had he signed our simplified agreement, we would have been able to pay his heirs a percentage of actual commissions generated over the next three years.

Speaking with his wife was very sad. Explaining to her that Summit was not going to be able to pay her or her children anything for her late husband’s business was extremely difficult. In addition to losing her beloved husband, she is probably going to lose their home. There is no income coming in and the many years it took to create a valued business will also be lost.

Summit has decided that some form of a business succession agreement is no longer optional but rather mandatory. We urge everyone to consider how hard you have worked to build your business and in doing so you have created something of significant value. The value of your business must be clearly understood and protected.

In addition, you must consider your loved ones in the event of a sudden tragedy.

Summit is prepared to guide you towards a formal succession plan while providing you a temporary “stopgap” plan immediately. For more information on Summit Brokerage Services, visit or contact us at (800) 354-5528.

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