Your Industry  

Guide to succession planning

  • What you need to consider around a sale.
  • How to hire and retain key staff.
  • What you need to do to monitor existing personnel.
Guide to succession planning


Succession planning is, for a growing number of advisers, one of the most pressing issues facing their business.

As many advisers approach retirement there is a need to address the legacy, and saleability of their firm.  

Certainly there are signs that, despite economic uncertainty, companies are hungry to acquire successful financial advice firms.

Tim Scott, partner for Knights Professional Services, says private equity investors have huge sums of cash to invest and are hungry for acquisitions, while overseas corporates are keen to get a foothold in the UK; in part fuelled by the devaluation of sterling.

Entrepreneurs Relief is also creating further opportunities for vendors who are able to extract their proceeds at a 10 per cent capital gains tax.

He adds: “Vendors should be prepared for deals to take longer than they did pre 2008. The scope of due diligence has increased and is more onerous. But well-run companies should have nothing to fear - as long as they have good systems and management information in place, no outstanding litigation and a great management team, they will be attractive to a variety of parties.”

This guide to succession planning will aim to address some of the key issues around the sale of  your business and what you need to consider. From this guide you will learn how to assess your workforce and the pros and cons of doing so; how to develop potential; how to approach hiring and how to create a culture that retains the talented.

Contributors: Helen Floor, founder of 1-1 Recruitment; David Murphy, managing director of Talent Acumen; Lisa Winnard, business services director at Sesame Bankhall Group; Sara Barrett, partner at Mills & Reeve; and Tim Scott, a partner for Knights Professional Services.

In this guide


Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What does Ms Floor say is the number one rule to retain talent?

  2. What does Mr Murphy say is a serious matter?

  3. What should a good hiring strategy start with, according to Ms Barrett?

  4. What does Mr Murphy urge employers to give themselves?

  5. What does Ms Floor say can be singled out through careful research?

  6. What does Ms Winnard say is key to a smooth succession experience?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • What you need to consider around a sale.
  • How to hire and retain key staff.
  • What you need to do to monitor existing personnel.

I completed this CPD in

To bank your CPD please complete the form below.

Were the stated learning objectives met?

Why weren't they met?

What did you learn from undertaking this CPD exercise?

Why did you undertake this piece of learning?

Any comments about this article or FTAdviser's CPD in general?


Congratulations, you have successfully completed and banked this piece of CPD

Already Banked!

You have already banked for this article.

To bank your CPD you must or


One or more questions have been incorrectly answered,
 please review your answers and try again.

Please complete all the above text fields to bank your CPD.

More Your Industry CPDSee my completed CPDSee all CPD