Josh discusses how he combines business coaching with financial planning for a successful practice that focuses on working with business owners. He also explores the world of succession planning and how both buyers and sellers can come out on top.

Studies have shown that working with a niche is an excellent way for financial planners to narrow their focus, define their specialty, and become an expert in helping their unique client base. Josh Patrick, CFP®, has had first hand experience with this as a financial planner whose firm focuses on working with business owners.

In this episode, Josh discusses he combines business coaching with financial planning for a successful practice. He has a simple but effective approach to inspire clients to act and work toward financial freedom. He believes that honesty is key, and helping business owners work toward retirement (rather than perpetually saying they’ll retire without taking action) is a necessary goal.

Josh discusses business owners who are in the “permafive” stage continuously, which plagues many financial planning succession plans. This means that business owners are always thinking how they’ll retire in five years - but don’t actually take the steps needed to make that transition. Josh knows this applies to financial planners looking to retire, as well.

Financial planners who are in a “permafive” situation have often already lined up a buyer for their practice - and it’s usually a junior level financial planner. Josh walks us through how young planners can benefit from buying a practice, and how a planner in that “permafive” cycle can finally break free and act on their ideal succession plan.

We cover a lot of ground in this episode, and anybody who works with business owners, is a financial planning practice owner (or is aspiring to be one) will get a lot out of it!

What You’ll Learn:

  • How to work with business owners
  • How to buy in as a junior level planner
  • How senior advisors can set themselves up for retirement success
  • How succession planning can help both the buyer and the seller
  • How to get business owner clients to act on their financial plans and retirement plans


The Purposeful Planning Institute

Business Enterprise Institute

Exit Planning Institute

The Sustainable Business

Stage 2 Planning Partners