SMALL
BUSINESS
SUCCESSION
PLANNING
PRODUCER ROUNDTABLE
[ QUESTION 3 ]
Hirsch: This market typically entails a lot of cooperation with the client’s other
advisors — attorneys, accountants, bankers, etc. Many producers find this kind of
advisor coordination to be a major challenge. Can you share a bit about how you
work to gain the trust of your client’s other advisors and to keep everyone on the
same page as you put together and implement succession plans?
Kaelberer: This is my absolute fa-
vorite part! In my firm’s process, we
act as “quarterback” by creating written
agendas and detailing minutes of each
meeting. In advance of taking on this
role, I usually have a brief telephone
conversation with each of [the client’s]
trusted advisors to set the stage as to
how working together and not trying to
“one up” each other in front of the cli-
ent will serve the client and all advisors
best in the long run. I then ask if they
intend to “quarterback” this process
with detailed agendas and summary
minutes of each meeting at no or mini-
mal additional billable hours to the cli-
ent. Typically, they say no, so I offer. I
also ask if there are any items they have
been stuck on and need or want to get
some action from the client, and I offer
what I can do to help in that area.
Axman: In my early years — the late
1970s and early1980s — I learned to
work collaboratively with third-party
administrators (TPAs) and pension ac-
tuaries in plan-design and funding of
qualified plans. Just as I determined I
needed TPAs and plan actuaries to as-
sist me in providing a value-added cli-
ent service in the qualified plan market,
I began to build relationships with es-
tate and business planning attorneys and
CPAs in the business succession mar-
ket. Over the past 29 years, I have built
multiple relationships in many parts of
the country. They have all proven to be
a win-win for my clients as well as the
advisors who have invited me to jointly
market and consult with them on their
cases. I expanded my practice in 2000
to include corporate transition planning.
I did this through a national relationship
I established with Sam Torolopulous,
CPA, ABV, ASA, a corporate transition
specialist based in Dallas, Texas.
Johnson: Meeting with other advisors along with the client may be one
of the most important decisions to make
early on in the process. This conversation will enable the client to understand
who handles what throughout the plan
development. For the advisors, having
a competent team of advisors makes everyone’s life simpler. The understanding
of everyone’s strengths and weaknesses
enables all parties involved to focus
on being the expert in his or her field
within the overall process. This results
in less wasted time and in increased
overall quality of production.
“Meeting with other advisors along with the client may be one of the most important decisions to make early on in the process. This conversation will enable the client to understand who handles what hroughout the plan development.”
— L. Ronco Johnson, LUTCF
