Editorial…In the Field | Agency Sales Magazine

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I had a very good friend and customer of many years who passed away suddenly. At the time of his death, there were two brothers as equal owners and family from both sides working in the business.

My guess is that they always thought nothing would ever change, and they did not need to plan for eventual succession of the business. The disaster between families that followed is a story in itself.

Human nature being what it is, we don’t like to think of the inevitable, particularly when the business is running smoothly.

My friend’s experience taught me a lesson.

I immediately contacted my accountant and attorney, instructing them to assist me in putting the right succession plan in place for my agency.

There are very good reasons for doing so:

It is not fair to partners, family members or associates who have been loyal over the years to be placed in a situation of uncertainty as to their future, be it by death or retirement. A succession plan also can preclude a very messy legal battle with devastating results. In my case, I have family involved, and they were assured that no matter what happened to me, they had a clear path to the future. In addition, a succession plan can be a positive incentive to work hard.
We realize that as the sales force, we are integral to the success of our principals, and they are as concerned as we are that there is no interruption in the process. Following the creation of our agency’s succession plan, we composed a PowerPoint presentation entitled “The Spirit of Success” outlining the company as it exists today and describing its future goals — which includes how the company is transitioning to meet those goals — and we shared it with each of our principals. To say it was enthusiastically received is an understatement.
Last, but not least, the succession plan provided me with peace of mind in that I know the agency has a clear-cut direction for the future, and I have an exit plan in place that I am very comfortable with. If you have not put such a plan together, don’t procrastinate. Time is of the essence — do it now!