Apr 27, 2018
Summary:
During this installment of The Confident Advisor Practice from the Horizon Advisor Network, Bill Bush, Pete Bush, and Chris Sullivan discuss the importance of building your team and continuity and succession—the last two categories on the Confident Advisor Scorecard.
Time Stamped Show Notes:
- Prefer to work alone but know you can benefit from help.
- Don’t like managing people and see them as an expense.
- You believe in having employees, but just to divide the work.
- You become frustrated when they make mistakes because they have to where many hats.
- Workers don’t feel a part of the overall vision, and are only motivated by their paycheck.
- You have reached success by surrounding yourself with talented team members that are engaged in your vision.
- Employees have become proficient in their roles and processing the business you attract.
- Your self-managing team helps to define the culture, goals, and vision of the ever-growing future of the company.
- Employees have a stake in the outcome.
- Team members are leaders and continue to grow their personal capabilities and grow the overall team.
- The practice would not be able to survive your death, disability, or retirement.
- You are uncertain of how your family and employees would be affected in such an event.
- You have a “gentleman’s handshake” with someone and you have communicated to someone on your team what to do if something goes wrong.
- You know you need a firm plan in place if things fall apart, but you continue to procrastinate.
- Retirement is a ways away, and you assume you still have time.
- You have legal agreements in place with an identified continuity partner.
- You have a buy/sell agreement in place funded by life insurance.
- You believe someone will buy your business when you retire.
- You’re confident that the updated written agreements that you have in place will protect your family, your team, and your clients, based on a three-phase plan for continuity, integration, and eventual sale of your business.
- You have annual evaluations of your business done.
- You keep striving to add value.
3 Key Points:
Tweetable Quotes:
- “What would be the return on investment in a person, in the form of leverage you can get so you can go out and maybe bring in an extra client?” – Pete Bush.
- “The investment in a person, you don’t even have to come up with all the money at one time…you’re doing it over a period of time, maybe 1/26th every couple of weeks as you are doing payroll.” – Chris Sullivan.
- “Team has become so crucial to the operation of the business that your demise, or your absence from the business, you’re recognizing that it doesn’t just effect you.” – Pete Bush.
Resources Mentioned: