In a recent guest post in PLANADVISER, our founder and principal Nick Giacoumakis discusses the most common succession planning options for retirement plan advisers.

The New Hampshire state motto, “Live free or die,” is arguably one of the most memorable in the country with roots in the battleground of the American Revolution. Proudly emblazoned across license plates and memorabilia, the adage is not only championed by state residents, but has now taken on new meaning for the ultra-affluent outside of state limits as well.

Experienced runners would never embark on a marathon without adequate training. Taking on this physical and mental long distance feat shouldn’t be entered into lightly and without defined strategies for how to cross the finish line. The same can be said for the challenges small business owners face, which include launching, operating, growing and ultimately exiting their ventures at the end of their careers. Unfortunately, many business owners fail to thoroughly prepare for the last stage of the marathon – a successful sale or transition.