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Summary: In an increasingly complex and competitive post-recession environment, CEOs of family businesses are making strides to plan for an uncertain future, navigating the interplay between innovation and technology and grappling with barriers to growth. With family-controlled businesses accounting for 35 percent of Fortune 500 companies, they’re a huge driver of the U.S. economy.
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Summary: You’re smart, and you do what’s best for your clients. So you didn’t wait to find a successor. You got on the ball and found one, a promising younger FA. Now she’s installed at your firm and learning what it takes to be boss.
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Summary: When Victoria Collins started her transition into retirement a half-dozen years ago, she wasn’t overly concerned about getting equity out of the firm she helped found in 1990. Indeed, she still owns a 5.6% stake in First Foundation, the wealth management company’s publicly traded parent.
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Summary: If we want to have a good financial advice industry, we need to own it. One way to do that, among others, is to sell our firms internally to our subordinates. Internal succession—passing the baton to people actively engaged in the business—is one of the best ways to keep a firm’s culture alive and keep promises to clients and employees
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Summary: Just over a third of advisors say they have a succession plan, but how viable is it and where are they getting the money to fund it? A new survey shows hitting up friends and family is still one of the more popular financing avenues to explore, but most are banking on their broker/dealers.
