PLANADVISER - March/April 2022 - 28

growing your practice / succession planning
these positions, you can expand with a better idea of how to
go through the process. "
Simply put, the best succession plans are specific and
targeted.
" Once you've established which roles you want to include
in your succession planning strategy, your next task is to
establish the criteria you would want potential development
candidates to meet, " SmartAsset recommends.
The final ingredients are open communication and a lack
of surprises for stakeholders.
" One you have established which positions are in your
succession plan and what you're looking for in potential
candidates, you're ready to start tapping employees and
beginning their development, " SmartAsset suggests. " If you
foresee the development process stretching over several
years, make that clear to the employee. That way, she isn't
expecting a promotion in a matter of months. "
-John Manganaro
Family First
When Dorann Cafaro retired, her daughter, Jamie
Greenleaf, became principal and president of what is now
Cafaro Greenleaf. While the business model is the same,
the firm has branched out.
PLANADVISER: What did the planning
and preparation work look like, to pass
the business from mother to daughter?
Jamie Greenleaf: I was fortunate
enough to work with my mother
straight out of college, so I literally grew
up in the industry and after graduating
got my financial adviser certification.
The transition, which was in 2011,
was easy from that standpoint. All
the clients knew me, and I knew all of
them, but it was a slow transition. My
husband and I were buying Dorann's
business, so, of course, she wanted to
be assured that it would be there to
support her payout.
PA: How did clients learn that you
would be their new adviser?
Greenleaf: We had worked as a team
for meetings, prior to her retiring. We
did the meetings jointly unless one of
us couldn't make it. She was phasing
out but would always be available.
Clients were not specifically told.
Dorann wanted to be sure there was
a smooth transition. She would spend
more time in Ireland in the summer,
so clients were able to get to know me
better and would become used to her
not being around. She rode off into the
sunset slowly over several years.
PA: How is Cafaro Greenleaf set up?
Greenleaf: Since COVID, business models
have changed. Everyone is expected to
be available 24/7 instead of having set
hours and set boundaries. My husband
and I own the building where our offices
are, so we're lucky enough to have been
in the office through the pandemic. It's
an old home, and almost everyone has
use of what was a bedroom. We have a
team approach. I'm the lead adviser, and
then we have client service relationship
managers,
investment
individuals,
marketing and operations. There are no
additional advisers.
PA: Were there difficulties within
the transition from Cafaro to Cafaro
Greenleaf?
Greenleaf: My husband also came into
the business at that time, and we were
moving from a mom-and-pop shop into
a more traditional business. That was
a transition for my mother. She wasn't
used to looking at things through
the bottom line, from an efficiency
standpoint. My husband came in, and
he made it a business, when before we
were a consulting firm. From a client
standpoint it was relatively easy, but
from a business model it was more
difficult. Looking long term, if I were
" Looking long
term, if I were to
sell to a partner
or my kids, I
think they'd
have different
ideas about
where they'd
want to bring
the business. "
to sell to a partner or my kids, I think
they'd have different ideas about where
they'd want to bring the business.
That's probably the biggest challenge
traditionally.
My mother will always be involved
in the business, because she's my
mother and because she still knows
many clients. Maybe the business has
changed or the people have changed,
but she's always interested in hearing
about it. -Judy Faust Hartnett
28 | planadviser.com March-April 2022
http://www.planadviser.com
PLANADVISER - March/April 2022

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