The idea of planning for succession is a difficult one—particularly for entrepreneurial types, who fear it defines an endpoint in their career.
But the reality is succession and retirement are not one and the same. It’s ultimately about business continuity first and foremost.
And for a successful business that you’ve built and nurtured over the years, there’s great value in having a path outlined to ensure an enduring legacy for you, your team, and your clients.
For example, Kevin Myeroff started building his financial planning firm in the late 80s with broker dealer Integrated Resources (later becoming Royal Alliance Associates).
In working with Royal as NCA Financial Planners in Mayfield Heights, Ohio, Kevin built the firm to some $2 billion in assets under management with a client base he describes as “the millionaires next door.”
Yet as time passed, he realized that he had to start thinking about succession—more so over the last few years.
And after exploring his options, what came to the top rose out of a relationship he developed with Tom Haught of Sequoia Financial, located just south in Akron. Sequoia was acquiring firms like NCA and proved to be the right fit for Kevin and the NCA team—so they sealed the deal in November of 2021.
In this episode, Kevin discusses his journey with Louis Diamond, sharing what it really takes to build a $2 billion business and plan for the next stages of one’s career, including:
- The value of conducting due diligence every 5 or 6 years—and how exploring their options helped to ensure they were on the right path for their business and clients.
- NCA’s wildly successful internship program—and how it has created long-term team members, many of whom are poised for leadership roles at Sequoia.
- The thought process of building a succession plan—and what Kevin saw as the most important aspects of the right path.
- The ultimate choice to sell to Sequoia—and why he didn’t opt for another firm or to sell internally.
- Plus, Kevin talks about integrating into Sequoia, communicating the change to clients, as well as life after the transition, and much more.
It’s a great story for those who are considering how to “think through” and prepare for succession—regardless of whether building a business at an employee model or as an independent business owner.
Download a transcript of this episode…