Start by understanding what your ideal outcomes are.

As a certified financial planner, Sandi Weaver is used to taking the long view. That’s why, a few years ago, she started thinking about how she was going to exit her business, Financial Security Advisors of Prairie Village.

This fall, her research led her to sell the company to another certified financial planner, Alex Petrovic III.

“It’s important to plan far ahead,” Weaver said, “because this takes time.”

Their deal is a good example of the generational shift underway in their industry. Nearly half of all certified financial planners are over the age of 50. More than 20 percent are older than 60.

Huge numbers of seasoned advisers—who typically have larger client lists—are going to be retiring in the coming years. At the same time, there is a dearth of talented younger planners like Petrovic, who is in his late 30s and is also acquiring his father’s firm.

“It’s a competitive market,” he said. “There’s a lot of opportunity.”

The combined company is called Petrovic Weaver Financial Services. Petrovic will serve as president, while Weaver and his father, Alex Petrovic Jr., will be senior advisers.

Too many financial planners put off the planning needed for selling a business, the elder Petrovic said. When death or serious illness strikes, they aren’t ready.

Plus, younger clients want to work with a firm that can guarantee continuity of service over the long term. “Our clients are smart,” Alex Petrovic Jr. said. “They look at me and go, ‘You’re not 30. … Thirty-five, maybe.’”

The Petrovics and Weaver offered the following advice for other entrepreneurs thinking about succession.

Consider Your Goals

Before business owners search for potential buyers, Weaver recommends that they start their planning by thinking about their ideal outcomes.

“I wanted to find a home for my clients, where they would have the same kinds and quality of services,” she said.

“And the second thing I wanted was a place for the team, the people I work with, because some places will be glad to have your clients, but you can forget your team. And some places would be glad to have your clients, but their fees are going to go up.”

Having clear priorities makes it easier to find the right kind of buyer for your business.

Find the Right Fit

Weaver and the Petrovics were both looking for business partners who shared common ethics and culture, and who offered similar services. It took some searching before they found each other.

“Until you ask the questions,” the younger Petrovic said, “you don’t know what the culture is like.”

A certain amount of flexibility is required. For example, Financial Security Advisors offers its services strictly on a fee-only basis. While fees made up 90 percent of the Petrovics’ revenue, 10 percent came from commissions. As a result of the acquisition, they’re switching over to a fee-only operation, too.

In situations like theirs, where the previous owner is going to continue in the business, personality fit is important, Alex Petrovic Jr. said. A business partnership is a lot like marriage.

Luckily, he and Weaver have known each other for a few years. They both serve on the public relations committee of the Financial Planning Association’s local chapter. They regularly appear on KCUR-FM to answer callers’ money questions.

“What I don’t want to do is combine two companies and not have it be fun,” the elder Petrovic said. “Because I’m having fun right now.”

Plan for a Transition Period

Alex Petrovic III said it is important to have Weaver continue working in the business.

Solely based on Weaver’s experience and qualifications, her presence is an asset. But she also will help the company build and maintain relationships with her clients, some of whom have been with Financial Security Advisors since 1993.

“They, hopefully, see me as someone that is experienced and has the right qualifications,” the younger Petrovic said, “but obviously, I don’t know them. … It’s absolutely critical that she stays on board.”

For her part, Weaver isn’t racing toward the exit.

“There’s no end date set,” Weaver said. “So theoretically, if Alex and I decide that it’s mutually beneficial, he seems flexible in terms of my participation. So I wouldn’t necessarily have to put in a hard 40 every week.”

With time and planning, it’s possible to find a great outcome for you, your clients and your employees.

“Ideally, if you work it right, you find the right situation,” Weaver said. “It’s a win-win for both sides.”

(pictured: Sandi Weaver, Alex Petrovic III, Alex Petrovic Jr.)