In this episode Michael talks with Gretchen Adams on Real Estate and succession planning.
1. Gretchen Adams has been a real estate agent since 2004 and currently holds her license with Red Key Real Estate in St. Louis. She is also a coach with Ninja.
2. Gretchen has noticed that real estate agents often do a poor job documenting processes and preparing for retirement/transitioning their business to someone else. This inspired her to create a “legacy project” focused on real estate succession planning.
3. The four pillars of real estate succession planning she discusses are: identifying readiness, business evaluation, selection/qualification of a successor, and developing a transfer strategy.
4. Proper business evaluation involves documenting all systems, processes, relationships and other facets of the real estate business to accurately determine its worth. This is often the most difficult and resisted part.
5. Selection and qualification involves vetting potential acquiring agents to ensure an alignment of values, trust, and service quality to facilitate a smooth transition.
6. The ideal transition time frame is around 3 years, with the retiring agent slowly phasing out as the acquiring agent phases in through blending of operations, joint marketing, introductions, etc.
7. Payment structures vary case by case based on role of retiring agent, service quality, etc. Often involves an upfront payment and minimum payout by year 3 with ongoing communication about money.
8. Those lacking ability to delegate relationships/businesses are more likely to change their mind and want to remain partially involved, complicating transitions.
9. Taking The Lead Today is Gretchen’s succession planning coaching business launching in January 2023, involving individual and group learning programs.
10. Even agents not nearing retirement should understand these succession planning principles to increase their business’ future value and saleability.
Contact Gretchen. Cell 314-852-5537
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