The #1 Reason Advisors Become Exit Planners

Fri, 05/21/2021 - 08:00

exit planning

For over 20 years, BEI has helped advisors build deeper relationships with their clients by incorporating Exit Planning into the work their firms are already doing with their clients. Here’s what we have learned over the years about Exit Planning Advisors.

  1. Even though creating and implementing business plans is more profitable than transactional representation (e.g., preparing tax returns, financial plans, drafting estate plans, etc.), that’s not the reason most advisors decide to become Exit Planning Advisors.
  2. Even though Exit Planning differentiates an advisor’s brand/practice from the competition, thus making it easier to attract qualified business owners as clients, that’s not the reason most advisors decide to become Exit Planning Advisors.
  3. Even though many mature advisors seek a new challenge and are bored doing the same type of work for the same type of clients, those are still not the reasons why most advisors decide to become Exit Planning Advisors.

These reasons are all factors that contribute to an advisor’s decision to become an Exit Planner, but the primary motivator is advisors want to make a significant difference in the lives of their owner-clients.

As advisors, we recognize that doing typical, run-of-the-mill representation is useful. We also know that tens of thousands of our professional peers can do the same thing about as well as we can. At some point, many of us realize that what we are doing every day is not unlike the sled dog following the lead dog—the view never changes.

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Aspiring Exit Planners want to do more.

  • They want to make a difference, and they want a greater sense of purpose.
  • They want to be their owner-clients’ go-to and most trusted advisor, not for a single transaction but in all matters, big and small.
  • They want to create and nurture relationships that will endure and grow through their clients’ departure from their businesses.

In addition to profit, differentiation, and challenge, some advisors are motivated to develop an expertise in Exit Planning because they have witnessed a business exit gone awry. They may have even witnessed their own family's business fail at some point in their life. It’s never pleasant to sit on the sidelines when an owner’s failure to plan means they’ll never leave the business with financial security or achieve their business goals. When that owner is one of our clients, the experience is not just unpleasant; it’s painful. Many advisors are left asking themselves if they could have done more to help their clients avoid that experience.

BEIpositions advisors to make a qualitative difference in the lives of business owners by providing training, tools, and support. We can help you engage owners in creating and implementing a planning process that can transform your clients’ lives.

At BEI, our goal is simple: to help you become the trusted and go-to advisor that every one of your owner-clients wants and needs.

If you would like to learn more about how you can make a vital difference in your clients' lives and well-being, schedule some talk with us! We’ll take the time to learn about your practice and build a plan together to position you and your practice as the one that business owners can count on to make their business exit dreams a reality.