Succession Planning Podcast Series

February 21, 2020

Part 3: Succession planning: Tips from Generation 2

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In this encore* episode, Michael Goodman, CPA/PFS interview generation 2 (G2) members, Chris Benson and Eric Hehman, about succession planning for personal financial planners, including:

  • The business models and background of each’s succession planning experience
  • How the succession planning process was initiated and what happened next
  • Balancing formal and informal elements of the succession plan development
  • Discussion of the timeline and shift in roles and responsibilities during transition
  • The importance of open and honest communication with the G1 successee
  • How succession fits with your life plan
  • Lessons learned and actionable takeaways, including what G1 can do to strengthen the partnership with G2 during the transition process
     

Part 2: Succession planning: Tips from Generation 1

Podomatic | iTunes  | Spotify

In this encore* episode, Michael Goodman, CPA/PFS interview generation 1 (G1) members– Lyle Benson, Beth Gamel, and Steve Levey^– about succession planning for personal financial planners, including:

  • The business models and background of each’s succession planning experience
  • The genesis of the succession plan vision
  • How advisors can overcome obstacles, like fear, in order to take the first steps toward succession planning
  • The importance of succession planning to address the unexpected
  • How each approached anticipated challenges and, in hindsight, what unanticipated challenges were surprising
  • Advice for practitioners who want to move forward in the succession planning process
     

Part 1: Succession planning: Q&A with David DeVoe

Podomatic | iTunes  | Spotify

In this encore* episode, Michael Goodman, CPA/PFS interviews expert, David DeVoe, Founder and Managing Director, DeVoe & Company, about succession planning for personal financial planners, including:

  • How David’s practitioner perspective and his entrepreneurship led him to become an expert in succession planning for financial planners
  • How succession planning has evolved and why industry demographics make it critically important
  • The primary reasons why adoption of formal succession plans remains low
  • The first steps to take toward creating a succession plan
  • Creating a succession plan that aligns with the goals and objectives of your life plan
  • What you need to know when the CPA firm is affiliated with an RIA firm
  • The different approaches for internal succession versus external succession options
  • The benefits of working with a succession planning firm

*This episode originally appeared on www.aicpa.org/pfp in August 2017. The nature of this content is still accurate and relevant and we hope you enjoy this series.  Don’t miss other succession planning podcasts coming soon!!

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^ Steve Levey has since passed away; yet, his legacy has impacted and benefited so many in our PFP Section community and are grateful for his contribution.

The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients.

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