Why “She’ll Be Right” Isn’t a Business Strategy

Lately, I’ve seen this scenario play out time and time again—business owners, whether in Financial Planning or other industries, often don’t realise the full extent of how dependant their business is on them, until it hits them between the eyes. The shock to the system has ranged from injury or illness taking them away from the business, to simply an awareness creeping in due to the size and scale of their business and the array of people who rely on them - all the same notion nonetheless.?

Let’s face it: as a business owner, you’re flat out. Between keeping clients happy, managing staff, paying bills, keeping up with what the Government is going to do next and ‘sometimes’ chasing growth, planning for the “what happens if I get hit by a bus?” scenario feels about as urgent as fixing that dodgy light switch. (It’s not urgent… until it is because of dire consequences.)

But here’s the thing—if your business relies entirely on you, that, by definition, is not completely 'sustainable'. It’s a key person time bomb! Clients, staff, and your life’s work deserve better than crossing fingers and hoping for the best.

?

The Risks of Flying Solo (Without a Parachute) ?

Ignoring succession planning isn’t just risky—it’s like taking a road trip across the Nullarbor without a spare tyre – it might be okay, but if it’s not…it’s really not!

Here’s what’s at stake: Clients are loyal until they’re not. If you disappear overnight, what happens to those relationships and the goodwill? Likely gone. ?

Your team isn’t psychic. No plan = panic. Talent walks, operations stall, and suddenly you’re left with a business that stalls, can’t meet obligations and is up the proverbial creek.

And your legacy? A lifetime of work (and more that that for a family business) shouldn’t end with a fire sale.

Without a transition plan, your equity could vanish. The bottom line - If your business can’t survive without you, it’s not just an asset—it’s also a liability. ?

?

The Smart Fix: Partner Up ?

Instead of going it alone, savvy business owners are teaming up with larger firms. Think of it like having a reliable mate in your corner—someone who’s got your back and helps you punch above your weight. Here’s how - ??

?

1. Succession Security (No, It’s Not Boring) ?

A good partnership is your “get-out-of-jail-free” card.

Retirement, or you have just had enough? Sure, easy!

A surprise boys fishing trip? Girls trip to Japan? Want to travel the country in the caravan? Go for it!

Accident or illness? Someone has your back.

Imagine no worries, as your partner steps in seamlessly. Clients are aware of the partnership and have been introduced to and engaged with the operating model over time - they stay happy, staff stay employed, and in the worst of scenarios, you avoid becoming the cautionary tale at the next industry event. ?

?

2. Growth Without the Growing Pains ?

Partnering isn’t just about avoiding disaster either, not by any stretch - Its about sustainable growth, leverage and scale too.

Tap into the partners tech, expertise, infrastructure and networks. Scale faster without the headaches of hiring or continuing to ‘look into’ different solutions without having the time to execute. You can then offer clients more services, more time, a better experience and thus more value (and charge accordingly). ?

?

3. Bank a Life-Changing Payday ?

The Financial Planning market tends to reward businesses that show strong alignment, growth, and solid EBIT performance—especially those with scale, established infrastructure, and systems that can be easily replicated.

Investors and buyers look for companies that aren’t just profitable today but are set up for long-term expansion, with streamlined, scalable operations. These qualities reduce risk, improve predictability, and open the door for faster growth—making the business more valuable in the process.

Partnering with another firm with the same goals and mindset can achieve just that!

It’s a bit like selling a beach shack, but with the right positioning, it’s suddenly prime waterfront real estate. Smart market arbitrage at work.?

?

Why Now? (Besides the Obvious) ?

“I’ll get to it later” is how businesses end the talk of the town, or a headline.

Succession planning isn’t about doom-scrolling—it’s about creating options. Partnering means clients get continuity (and maybe even better service), staff keep their jobs (and stop eyeing Seek.com.au), and you get a golden exit strategy.

Think “retire to the coast” vibes, not “sell the office furniture on Gumtree”. ?

Don’t Be “That unfortunate business owner” ?

Any business thrive when they’re built to last, and have a strong, well thought out and mutually beneficial exit plan in place.

By partnering with a firm that’s done the heavy lifting, you’re not just protecting your legacy. You’re setting yourself up for an exit that is not only positive for you, but for everyone around you as well.

So, drop the “she’ll be right” attitude. Future-you (and your clients, staff, and bank account) will thank you. ?

?

If your happy to go it alone - more power to you.

If not, we are always happy to talk - the path to success is often well trodden, so whether it is just to share some of the things that we have done along the way, or to discuss what partnership with Coastal Advice looks like, so please reach out!

Mitch