Any one else buying someone’s book/business? We are independent & the owner is (sort of) still working. They are gone a few weeks a month on trips, mostly fun. I’m the succession plan but no formal exit strategy has been made. I am on the catastrophic agreement. They feel they are retiring so they are acting accordingly, but no formal plan in place and gives me little to no autonomy. It’s very stressful and honestly they are in the way of progress but not setting something formal up.

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I’m stressed that nothing is on paper but they are working me to death for their benefit and I feel there is no end in sight. I just want to have something in writing and a time horizon that I can mentally manage. The owner is toxic at times as they are very spoiled (have been their whole life) and it’s all about them. I don’t want to leave bc it’s a great opportunity I just need some skills so it doesn’t ruin my health in the process

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This issue is very common. This topic is stressful for many advisors to think about plus a well thought out succession plan is a ton of work. For these reasons, I see advisors procrastinating on this all the time. Ask the owner(s) if you can do some legwork to get the process started. Talk with a company like SRG (that's who I used) or FP Transitions to get some talking points on the benefits to the owners to get this done. If the owner(s) are getting older, clients will really like having a plan in place. At the same time, check out other opportunities out there. You might need some leverage at some point in this process! Last, do you have a non compete? How will clients react if you left? If the owner(s) are gone as much as you say, I suspect you are the main contact with clients. If that's the case, these owners need you, and with a little nudge (or a shove) they may realize its time to get serious and lock you in with a solid win-win succession plan.

I’d want a formal agreement because there’s nothing to secure your interest. It would show his intent.

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Have you requested a formal agreement, if so what was his response?

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