You Can Only Help So Much

This time of year can be charitably described as our company’s “slow” season.

The return on investment for phone calls or the time attempting to schedule a quick visit to firms who are in need of succession help is perhaps less than zero.

Perhaps this is why many of us schedule vacations or large-scale remodeling projects.

This is why I was caught a bit off guard last week when I received a call out of the blue by a sole practitioner. He candidly admitted that he was burned out and wanted to exit the business.

Did I mention he was also 74 years old?

He explained that he had been contacted periodically by some competitive firms in his area but for one reason or another, the discussions rarely progressed beyond the initial meeting – perhaps two at the most.

For one reason or another, the “fit” didn’t feel right at the time.

I asked him how much longer he wanted to work – full time – and then if part time work was something he’d considered after that.

His reply was, well, succinct. “After 52 years in this business when I stop working – I stop working.”

In my book he at least got a lot of points for honesty.

I explained the dangers of walking away immediately particularly with regard to client retention. I said if a long-time client pays an office visit and sees someone different sitting in your chair, chances are they’re not going to be a long-time client much longer.

I recommended at least a two-year period to ensure maximum client retention and by proxy, the highest amount of his buyout.

I sent him our requisite materials and forms for seller firms and said once I’ve received them back I would go over them with him and explain the transition process in more detail.

He thanked me and promised to get the documents back to me shortly.

Perhaps it’s my cynical nature, but I’d be a bit surprised if he follows through. Too many potential clients have reversed course and opted to remain status quo.

Hopefully he won’t wait until he’s 84, because by then, I’ll be retired.