Succession planning: Tips from Generation 2 {PFP Section}

Guests: Michael Goodman, CPA/PFS

In this encore* episode, Michael Goodman, CPA/PFS interview generation 2 (G2) members, Chris Benson and Eric Hehman, about succession planning for personal financial planners, including:

• The business models and background of each’s succession planning experience
• How the succession planning process was initiated and what happened next
• Balancing formal and informal elements of the succession plan development
• Discussion of the timeline and shift in roles and responsibilities during transition
• The importance of open and honest communication with the G1 successee
• How succession fits with your life plan
• Lessons learned and actionable takeaways, including what G1 can do to strengthen the partnership with G2 during the transition process

*This episode originally appeared on www.aicpa.org/pfp in August 2017. The nature of this content is still accurate and relevant and we hope you enjoy this series.

Access the related resources from this podcast:

• Practice management resources from the AICPA PFP Section
• Demonstrate your competency in personal financial planning with the CPA/PFS credential or the PFP certificate program.

Don’t miss other succession planning podcasts!

• Succession planning: Q&A with David DeVoe
• Success tips from Generation 1
• Success tips from Generation 2

The episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.

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