Financial advisers often devote relatively little thought to their own retirement. Given that they specialise in helping other people retire happily and in comfort, the irony of this oversight is pretty striking.

It’s true that everyone thinks about retirement in some way, of course, and advisers are certainly no exception in that regard. Yet simply dreaming about it – or even desperately yearning for it – is very different from actively planning for it.

Most advisers highlight this vital distinction when they engage with their clients, but many seem unable to apply it to their own lives. In particular, they don’t pay enough attention to the critical issue of succession.

As anyone who has watched the hit comedy-drama of the same name will know, succession is sometimes an extremely messy affair. Approached with inadequate consideration and rigour, it can be a downright shambles.

If handled correctly, though, it can be nigh on seamless. As former Xerox CEO Anne Mulcahy once said: “It should be gradual and thoughtful… so that it’s almost a non-event when it happens.”

So how might advisers go about making succession a “non-event”? It’s basically a question of preparation – which is why I advocate the seven steps that comprise what I call the PREPARE framework.

• Step 1: Plan your retirement

Retirement should be among an adviser’s long-term priorities from the outset. You need a plan from day one, and you should revisit and revise it on a regular basis.

Your preparations should intensify as your target date for exiting the industry grows nearer. If you intend to retire at 65, for example, your planning – including drawing up a list of potential buyers and working on a prospectus – should probably move into top gear when you reach 60.

• Step 2: Reckon your business

By “reckon” I mean “evaluate” (call it poetic licence – we can’t really have a PEEPARE framework, after all). This is when you genuinely resolve to retire and sell, meaning it’s time to think about a price.

I believe a crucial point here is that too much emphasis is routinely placed on present and recurring value. More should be placed on the future opportunities inherent in strong connections, lasting relationships and the consequent likelihood of introductions and referrals.

• Step 3: Evaluate potential buyers

It’s possible to employ an agency to oversee a sale, but this inevitably comes at a cost. An agency might not get you a top price – especially if it also represents the buyer – and its enthusiasm for your cause will be further dampened by the fact that there’s no prospect of repeat business. If you have to rely on this route, frankly, your planning hasn’t been up to scratch.

Succession is instead best arranged privately. By now you should have promoted your business sufficiently to generate interest and set the stage for an attractive deal.

• Step 4: Present your prospectus

The chances are that the eventual buyer will be someone you already know, as successful networking can make for an agreeably small world. Even so, all interested parties will need a firm idea of what you’re offering – not least so they can gauge whether your model is a decent match for theirs.

Your prospectus should therefore include business figures, accounts and projections. Client location/distribution information, a timetable for retirement and purchase, a brief biography and contact details should also feature.

• Step 5: Agree terms

A verbal agreement should mark the beginning of a process that will take around two years to complete. The exact timeframe is likely to depend in large part on your schedule for full retirement.

A written agreement must be signed in the presence of a third party. It should include a breakdown of what’s being sold, the purchase price and period and any guarantees.

• Step 6: Retreat from your business

This is the phase during which you withdraw your services and transfer your business and clients to the buyer. It should be neither too long nor too short.

Reflecting the notion of a “non-event”, one of the key objectives here is to ensure the buyer can pick up where you leave off with no discernible break in activity. A smooth handover will be very much to the advantage all concerned, including clients.

• Step 7: Exit the industry

Exiting isn’t just a matter of closing the door behind you for the last time. There are a few boxes you need to tick before you can finally step away.

Make sure you’ve been paid in full. Don’t leave any surprises – nasty or otherwise – for the buyer. Inform the regulator of your departure. Maybe above all, keep your clients informed until you at last bid them a fond farewell.

We use our own version of the PREPARE framework at Truly Independent. We pair a retiring adviser with a suitably qualified successor in a two-stage acquisition process that encourages synergies and continuity of service. We find everyone benefits from this sort of approach.

Ultimately, PREPARE boils down to achieving peace of mind and producing desirable outcomes. These are goals that are central to every adviser’s efforts to improve the lives of others – so why not put them at the heart of how you think about your own future?

Andrew Goodwin is co-founder and CEO of Truly Independent and the author of ‘The Happy Financial Adviser’.