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Securing a Seamless Succession Discover How Stephanie Transformed Her Firm and Built a Lasting Legacy
The Point
Advisors Excel helped Stephanie map out how to transition her business to her three adult children — mentoring both parents and children throughout the process.
Are you planning to sell or transition your business within the next five years? Wondering how to ensure a smooth transition while securing your legacy? Discover how Stephanie F. achieved her dream with the help of Advisors Excel.
THE CHALLENGE:
Scaling and Succession Planning
When Stephanie and Steve F. first joined Advisors Excel in late 2010, they were struggling to grow and expand their insurance-only firm. Fast forward to 2023 and the small, family-run operation has expanded into a thriving enterprise with nearly 50 staff members including a leadership team, marketing team, client services team, and a host of advisors who focus on closing business while Stephanie focuses on more big picture items. With the help of Advisors Excel, they’ve conquered radio, TV and podcasting along with improving their seminar presence and other marketing funnels.
“When they talk about 10 x 10, we’re a great example,” said Stephanie. “Our business grew 10x in 10 years. Advisors Excel really walked alongside me, coaching me, mentoring me.”
A New Era
Having built their dream business from the ground up, Stephanie and Steve now face a new milestone: succession. While neither is ready to exit the business completely, they are ready to relinquish some of their responsibilities to the next generation.
“Option A was just going out and selling it, but we didn’t believe that was the right option for us,” Stephanie explained. “We are so family-oriented, and our kids have been pretty tied into the growth and building of our company. They have participated in the blood, sweat and tears with us.”
As they were evaluating how to handle the succession of their business, Stephanie and Steve sat down with their kids to discuss if they even wanted the business. They needed to know “where was their heart? Because what our dream is doesn’t necessarily need to be their dream,” said Stephanie. “We didn’t want to make assumptions.”
As it turned out, their children, Josh, Alex and Steve Jr., shared their parents dream and were eager to carry on their legacy. However, doing so would not be without its challenges. Once again, Advisors Excel stepped in to walk alongside them during the transition.
“ Advisors Excel really walked alongside me, coaching me, mentoring me.
THE SOLUTION:
Personalized Mentorship and Leadership Training
The AE team has been invaluable in providing the mentoring for Josh, Alex and Steve Jr. Over the last year, the business has undergone a significant change in preparation for the transition. According to Stephanie, that leadership mentoring has been intricate in getting the kids ready for their new roles and allowing her and Steve to confidently step back.
“AE does weekly calls with my team,” says Stephanie. “They’ve been instrumental in helping us make sure we are staying true to our quarterly rocks and initiatives and making sure we’re doing everything we can to be successful and accomplish the goals we’ve put in place.”
“ What's great about AE is they really focus on meeting you where you're at.
THE RESULTS:
A Smooth Transition and Lasting Impact
As they continue to work out their legacy plan, with Josh, Alex and Steve Jr. slowly taking on more and more responsibility, Stephanie and Steve are confident the business will be in good hands when the day comes for the children to fully take over.
“What’s great about AE is they focus on meeting you where you’re at. It’s not like they have this one cookie-cutter formula, and everybody has to fit into it. They cater to the size and needs of the business. It’s been a great journey, and they’ve been incredible partners.”
Take Action: Secure Your Legacy Today
Ready to map out your own successful succession plan? Don’t wait. Join the Advisors Excel community today and prepare for a seamless transition.