If you are a firm owner in the midst of transitioning out of your practice or have just started to think about it, you are at a turning point. If you are in the heart of your professional life and considering your future as owner, senior employee or as a buyer into an established practice, then you, too, are at a turning point.This transitioning out of (or into) a practice is so much more than a money transaction. It is logistical, emotional, relational and financial. It’s about identity, fairness, value, culture, reinvention and next steps. In fact, it’s not even a transaction – it’s a process, a journey, a true turning point!
Most succession planning engagements are focused on the sale, the price and the terms. TurningPoint will focus on helping you determine what really matters and uncovering the best options for you. How do you prepare the practice while honoring your clients, your employees and your family? How can you be successful in transitioning to your next phase of life and work?
We’re committed to three important principles that define our purpose:
1. Succession planning should be undertaken with integrity and be values-based, authentic, in service to all stakeholders and aligned with vision.
2. Great and enduring relationships happen through great and enduring conversations – they’re the core of a thriving practice and a successful succession plan. And they’re not about “talking;” they’re about honest communication that may even keep you up at night. Anne Morrow Lindbergh probably said it best: “Good communication is as stimulating as black coffee and just as hard to sleep after.”
3. Your leadership skills used in building and running a practice must be transferred to leadership of yourself. We take you through both process and conversations to help you discover, engage, clarify, connect and flourish. We lead you into really listening to your inner voice on how you think and feel. We also “bring it home”– so that it’s real, practical and can be implemented.
The TurningPoint Partners:
In Their Own Words
Marty Kurtz, CFP®
Founder of The Planning Center, and former president of the Financial Planning Association
I come by my entrepreneurial spirit naturally. My dad owned a wholesale food business and that’s where I got my start in business. After years of working on and building relationships, like so many of you I found my home and my place in the work, community and profession of financial planning. The idea of serving clients through a holistic, integrated approach to the issues of their life and money resonated with me and I have been building my vision of a practice since 1998. It was quite a journey from opening a practice with “me, myself and I” to becoming what The Planning Center is today: a 10,000 square foot office in a building we restored in the heart of downtown Moline, Illinois, and other offices in four states. My journey has now led me to TurningPoint. I am in the midst of my own new turning point: going from CEO and sole owner to being one of several shareholders to also working through the process of stepping out of the practice to become investor and banker. A true turning point!
The most valuable lesson I’ve learned from the turning points in my life… Answers are less important than questions and assumptions from the past can limit growth.
People might be surprised to know that I… wanted to be an auto mechanic when I was in high school. I loved taking things apart and putting them back together.
My favorite quote is… “All generalizations are dangerous, even this one!”
A book I would recommend is… Shakespeare: The World as Stage, by Bill Bryson. This is not a scholarly study of Shakespeare but a study of who he was and what it meant to live in his time. Shakespeare still has much to say to us.
Elizabeth Jetton, CFP®
Founder of Elizabeth Jetton, Inc. and former president of FPA
I’ve been called a “polymorphous” professional, which I take as a compliment! I think it means that I’ve expressed my interest, expertise and passion for financial planning and the profession in a variety of ways: practicing and innovating in financial planning for more than 20 years and working in financial services for 30 years, stepping into leadership through the Financial Planning Association, writing and speaking on financial planning and business and mentoring new planners through the FPA Residency Program and the FPA mentorship program. I’ve also built a consulting practice to help financial planners and firms thrive, deliver true value to clients and create sustainable businesses that serve the lives of the owners, team, and clients. In addition, I helped design the Capstone course in the financial planning degree programs at the University of Georgia and California Lutheran University and, through Directions for Women, I train advisors on ways to change the conversation about money with women.
The most valuable lesson I’ve learned from the turning points in my life… I’ve always found that the next phase was better than the one before, but not without hard work on ME. I had to learn to let go, reflect, listen to the voice telling me what to pay attention to, and keep my values at the center.
People might be surprised to know that I… learned to fly sailplanes so I would be able to do something challenging where my words and Southern charm didn’t matter!
My favorite quote is…from Albert Einstein: “Not everything that counts can be counted, and not everything that can be counted counts.”
A book I would recommend is… Reinventing Organizations, by Frederic Laloux. It’s extremely relevant to the financial planning profession: how can we create businesses that truly inspire and bring out the best in those who work in them, and that can respond to the uncertainties and changes that face our lives and profession? This book will get you thinking and is a great book for conversation with your team.