Now, 14 years later, I have reengineered the firm and implemented a succession plan so that every single employee and client knows exactly how continuity of service will be maintained in the event of my death or disability. It takes some effort, but it is well worth it.
We all need to take our fiduciary responsibilities seriously, advising and planning in an effort to ensure that each of our clients will be well cared for financially. Yet when it comes to planning for our own legacy, far too many of us fail to conduct adequate planning around what is likely our single most valuable asset: our business.
Read MoreAdvisors turn to social media
All too often, I see principals of advisory firms convince themselves that they have a succession plan in place when, in fact—more often than not—what they have is more of a vague idea of what they hope will happen.
We all know, however, that things don't always go according to plan. Successions are complex undertakings. They can be exceedingly uncomfortable. But the cold, hard facts are that none of us will be running our businesses forever, and we need to plan for that inevitability.