Are you thinking of retiring your current company? Planning to move to another field? Do you think changing your line of business is the best move for you at the moment? Then you need to seek the professional assistance of financial advisor recruiters.
When your current undertaking has dried up and opportunity knocks in another business course, it is time to leave the former. But do not discard your valuable cards behind on the table. It is best to move your “book of business” with you. It is an ideal move for the success of your future endeavor.
What Is “Book of Business”?
Your “book of business” is a bulk of valuable assets, comprising of tangibles and intangibles. This includes your client list, equipment, and goodwill that you have acquired through the years. These prized aspects of your current or former enterprise you so lovingly tended can be of great help in drawing up a plan for your new venture.
It is also a relationship management method resorted by various companies in achieving and maintaining a close connection with high-value clients. The term “book of business” is usually associated with banks as it relates to their clients that provide a huge influx of revenue.
In many instances, banks usually segregate their client population into appropriate groups to determine their value to the business. It is a great strategy in setting appropriate sales target for each client group.
Highly Valuable Aspect of Your Enterprise
For business experts, their advice is to never rate your undertaking too low. Most people who departed the industry simply leave their book of business behind. They simply don’t realize that it is a highly valuable piece of asset.
Many people who have left their venture did not turn their “book of business” over to anyone. That’s a very big mistake. Not only is it very unfortunate, it’s a real waste of sweat, blood, and tears. It takes years and tons of effort to develop a “book of business”; mostly it has to do with building and maintaining the trust and confidence with clients. Thus, your best recourse when retiring from a particular venture is to sell your “book of business” to an interested party or move it to your new enterprise.
Selling Your “Book of Business”
Did you know you can retire your “book of business” by selling it? It’s an option available to you if you intend to retire from pursuing your current undertaking you’ve established. You can speak with financial advisor recruiters about this option. The way this works is that they will pay cash, in staggered or lump sum basis, in exchange of the client list and other books of your business.
Back in the 90s, selling or moving your “book of business” was a pretty novel idea. It was deemed a silly concept at that time. But with the evolution of the economic landscape, negotiating deals involving these books is a lucrative idea. By selling or moving your book of business, you are reaping the benefits from your past labor.