Looking Backward: A Recent Retiree Reflects on Succession Planning

Wealth Management has an article that presents the lessons learned by Richard Sawyer, founder and past president of Norton Financial Services, a firm based in the greater Portland, Maine area.  Mr. Sawyer had worked in the financial services industry for more than two decades when a brush with cancer made him start seriously thinking about his retirement.

“I realized there’s a whole lot in life you don’t have control over,” Sawyer recalls. “Even though I wasn’t ready to retire yet, I knew it was important to have a plan in place.” Sawyer retired in March, 2014, twenty years after he started developing his succession plan.

Here’s what he feels like he handled well, and what he might do differently if he had to do it over again:

  • Don’t leave before you’re ready.
  • Mentor your younger colleagues.
  • Learn to step back.
  • Get personal.
  • Develop junior-senior partnerships.
  • Start sooner than you think.

Read full article at Looking Backward: A Recent Retiree Reflects on Succession Planning | Succession Planning content from WealthManagement.com.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.