Making a success of succession
Ataraxia’s Adam Boakes outlines some of the pitfalls of organising a smooth succession and warns brokers to take their time.
Let’s start by looking at the current broker demographic landscape.
This presents a real succession challenge for the industry, on a scale never experienced before. 1,900 remaining independent brokers have a proprietor over the age of 55.
They ideally want to form a succession plan over the next three to five years. In many cases we see that ‘selling out’ their cherished brokerage to large national or consolidator is not an owners number one choice.
On the flip side, there are a 1,000 plus
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