Whether your retirement is a few decades or just a few years away, it’s never too soon to start thinking of the future. The goal is to create processes, systems and records that can easily be handed off. It’s a great practise to get things organized even if retirement is further away for you. Here are a few tips to start preparing your business for retirement and succession.

Find the right successor

You’ll want to start the search early for the right person to take on your business, whether it’s a more junior broker or perhaps a family member. It doesn’t just take someone with big ambition, though. For a seamless transition for your past clients you’ll want to find a successor that matches your style and work ethic. That way, a client that enjoyed the experience of working with you will be more likely to feel the same with the person you choose to take over the reins.

Organize your contacts

Despite our best efforts to keep data and numbers in line, it can be easy to let your notes, files and records fall into disarray that only you can interpret. Important details like client histories and preferences might be something that’s only committed to memory. So it’s time to start slowly piecing together the puzzle so you can hand things off to the next person. Start building out your previous client contacts with details like important dates (anniversaries, birthdays, home purchase anniversaries) and demographic info (family, pets, leisure interests) so that your successor can hop in and continue the conversation after your departure.

Train and mentor

Once you’ve found the right person to fill your shoes, take the time to shape and mentor them with your philosophies. This process could happen over a period of months or even years if you begin planning early. Begin introducing old clients and contacts to your successor so that they will have continuity through this transition period and can keep things running smoothly after you pass on the torch.