SuccessionBox Solutions by Category:
SUCCESSION
CONVERGER PLAN
SUCCESSION LENDING
FINANCE RIDER
CONTINUITY
AGREEMENTS
ADVISORwill
ATTORNEYS
The Solo, Silo, & LifeStyle Practice Advisor’s Succession Plan
AdvisorWill ™
AdvisorWill: As an advisor’s business will, it captures, communicates and executes the advisor's professional wishes and instructions for the sale and transition of their practice and other professional wishes and messages communicated. AdvisorWill is designed can be used for complete succession planning or integrated into personal wills, trusts, successions, or estate plans. By attaching AdvisorWill as an exhibit to a codicil, advisors can legally modify or add to their existing wills, clearly defining the provisions related to business succession.
This integration ensures that the plan remains current and actionable, allowing for easy updates to accommodate any personal or market changes. The tool outlines specific measures for business succession, detailing how the practice will be sold and passed on to ensure beneficiaries are compensated fully and promptly. AdvisorWill serves as a companion tool that not only safeguards the owner's directives for their practice in the event of death or disability but also can ensure those directives are followed if the time ever comes.
Key Components:
Buy-Sell Agreements: Define the sale and purchase price of the practice.
Financing Rider: Helps secure financing for the continuity partner (buyer).
Agent Services: Manage the execution of the buy-sell agreement and financing.
Benefits:
Ensures smooth business transitions and protects the advisor's legacy.
Provides financial security for beneficiaries through lump-sum payments.
Minimizes seller financing burden on beneficiaries.
Uses buy-sell agreements for a clearer and more reliable transfer process.
Offers financing options and pre-qualification assessments.
How Do They Work?
Advisor creates an AdvisorWill outlining their wishes.
The plan assesses the financial strength of both advisor and buyer.
Suitable financing options are identified (bank loans, etc.).
Buy-sell agreements and financing plans are created.
The plan integrates with existing legal documents (optional).
Speak to an AdvisorBox Consultant about the AdvisorWill Option
