Its understandable that some practitioners postpone choosing a successor. They may view it as the end of their career and pending mortality. Some may wonder how many clients will be lost if “they find out I’m retiring.” But consider some of the challenges your family, staff and clients could incur if suddenly you are no longer there. Challenges like where are the files; what to tell the clients; who will run the practice; Are the surviving spouse and children financial needs provided for.
Here are some suggestions on how you can “remind” yourself to not wait too long:
- Keep in touch with practitioners of your generation
- Be certain your attorney is aware of your estate plans
- Bring a younger , potential partner into the practice
- Communicate with your clients about their retirement and succession planning
- Talk to your spouse and adult children about “what if”
- Write a letter of instructions and give to your family or attorney
Hope these thoughts help. Your comments are always welcome.
Bob Barkett, BarkettConsulting.com