Sort out the fine detail of a succession plan at the start to be able to handle unexpected changes, Coppers N Cents Financial Services Principal Steve Wilson says.

He joined his father’s business in 1999 and five years ago they started a succession plan that saw Steve Wilson take more control of running the operation.

“Like all father and son businesses. If we differed, Dad and I would have a talk about it,” Mr Wilson said at the recent Association of Financial Advisers conference.

“There was mutual respect. We were always open and honest with each other.”

He says talking over more of the day-to-day running of the business did occasionally cause some friction as his father didn’t always agree with a decision, but he didn’t stop change.

The plan was for Mr Wilson’s father to only work a couple of days a week on a few clients, but he would always be around to support his son running the business.

A serious illness meant his father could no longer work and Mr Wilson says there was a realisation the succession plan had to be radically rewritten.

“I had to learn how to step in and run all of the business immediately,” he said. "Our key was to up-skill some of the staff to take over the administration side of the business.”

Mr Wilson says this made him realise they hadn’t thought about the role staff would play in his father’s succession plan.

“If you have succession plan, identify the right people to move into the roles you want,” he said. “You need to look at up-skilling people at the start and get the details of the plan sorted out early.”

Mr Wilson says he also had to learn new skills such as running the day-to-day running of the business.

“Fortunately I had good people around me who had my best interests at heart,” he said. “I have a board of advice that helps me with running the business. These people want me to succeed.”

Mr Wilson says it is crucial to seek advice on all aspects of running the business.

“Swallow your pride and ask people if there are things you don’t know how to do,” he said. “Accept there are some things you just can’t do.”

Mr Wilson admits he loves seeing clients and dealing with their life insurance needs, but now accepts he has to spend two days a week now on the company’s administration.