Passing the baton: 7 fiduciary firm leaders share their experiences (anonymous)

The essentials in 3 points:

• The trigger that prompts a fiduciary firm leader to consider a handover is rarely financial. It is a specific, often quiet moment that changes their perspective.
• Three routes recur in these accounts: an internal takeover by an employee, a merger with a fellow practitioner, and integration into a larger group.
• The most common regret among these seven leaders: waiting too long to start the conversation.

I ran a fiduciary firm. I know the particular weight of this question: passing the baton. Not because it is technically complex, though it is, but because it touches something deeper. Identity. The relationship with your clients. The feeling of having built something bigger than yourself.

Over the past eighteen months, I have had the privilege of sitting down with fiduciary firm leaders in French-speaking Switzerland who have been through this stage or are preparing for it. Seven of them agreed to share their experience, on condition that they remain anonymous. I respect that condition. The first names are fictitious, and the cantons are sometimes deliberately vague. But the words are their own.

Why seven accounts, and why anonymous?

Succession in a fiduciary firm remains a discreet subject in Switzerland. It is rarely discussed in public. Figures circulate in professional circles: the average age of fiduciary firm leaders in French-speaking Switzerland is over 55, and a significant proportion have no formal succession plan. But behind the figures are human stories that nobody tells.

I chose seven accounts because they cover different realities: firms with 3 to 14 employees, leaders aged between 52 and 67, and various cantons in French-speaking Switzerland. Anonymity is not a device. It is what allowed these leaders to speak frankly, without a commercial filter, without fear of signalling weakness to their clients or teams.

What you will read here is not a methodological guide. For that, I invite you to consult our structured discussion of handing over a fiduciary firm. This article is a collection of personal truths.

The trigger: what really makes you ask the question?

None of the seven leaders mentioned a dramatic event. No heart attack, no family ultimatum, no major client loss. The trigger is subtler than that.

“Marc”, 63, canton of Vaud (VD), firm of 8 people:

“It was a Tuesday morning. A longstanding client called me about a fairly routine VAT issue. And for the first time in thirty years, I felt weary. Not tired, weary. I knew something had changed.”

“Catherine”, 58, Geneva (GE), firm of 5 people:

“My son asked me what I would do if I sold. Not "when", not "why". "What I would do afterwards." The question haunted me for weeks. I had no answer. That was when I realised I had become so absorbed in the firm that I no longer existed outside it.”

“Pierre”, 61, Fribourg (FR), firm of 11 people:

“The trigger was when I realised I was turning down engagements not as a strategic choice, but because I no longer had the energy to take them on. My firm was stagnating, and I was the brake.”

What these accounts reveal is that the trigger is rarely a decision. It is a realisation. And it often comes two to three years before any concrete action is taken.

“Alain”, 67, Neuchâtel (NE), firm of 3 people:

“I began thinking about it seriously when a fellow practitioner retired overnight for health reasons. His clients were scattered within a few weeks. Thirty years of relationships, gone. I said to myself: I do not want that to happen to me.”

Three routes: internal takeover, merger, integration

Among the seven leaders, three handover routes emerge clearly. None is better than another. Each corresponds to a different reality.

An internal takeover by an employee

“Sophie”, 56, Valais (VS), firm of 6 people:

“I identified an employee with potential very early on. The problem is financing. A young professional of 34 does not have the funds to buy a fiduciary firm, even a small one. We put a five-year earn-out in place. It is slow, but it preserves the relationship with clients.”

An internal takeover is the most natural route, but also the rarest. It requires alignment between the leader's wishes, the buyer's financial capacity and a realistic timetable. Sophie estimates that the entire process will take seven years, from identifying her successor to her actual departure.

A merger with a fellow practitioner

“Marc” (VD):

“A younger fellow practitioner in the same canton was looking to expand. We met several times, informally at first. We gradually merged our client portfolios. It is not a buyout. It is an alliance. And honestly, for my clients, the transition was almost invisible.”

A merger between fellow practitioners works when the cultures are compatible. Marc stresses one point: he spent more time assessing the compatibility of their approaches to clients than negotiating the price.

Integration into a group

“Daniel”, 59, Vaud (VD), firm of 14 people:

“I did not simply want to sell and leave. I wanted my team to have access to tools, a structure and a long-term vision that I could no longer offer them alone. Joining a group allowed me to remain involved during the transition, while knowing that the firm would continue to grow.”

Integration into a group, whether a network of fiduciary firms or a platform like Sequence, addresses a recurring concern: what happens to the team after the founder leaves? To understand the current dynamics of this movement, our analysis of consolidation in the Swiss fiduciary market offers a useful framework.

Thinking about what comes next for your fiduciary firm?

These conversations are confidential by nature. I regularly speak with leaders who are asking themselves these questions, with no commitment and no pressure.

A confidential conversation with Blas

The human factor: team, clients, legacy

While the trigger is personal, the decision is collective. Every leader interviewed mentioned three concerns in this order: the team first, clients next, and legacy last.

“Catherine” (GE):

“My first thought was not "how much is my firm worth". It was "what will happen to Nathalie, who has worked with me for 19 years".”

“Pierre” (FR):

“I know my clients personally. Some for more than twenty years. I cannot "transfer" them as you would transfer a file. It takes time. It takes introductions. The buyer needs to understand that behind every engagement is a person who trusts you.”

“Élise”, 52, Jura (JU), firm of 4 people:

“Legacy is perhaps the most accurate word. It is not about ego. It is the feeling that what you have built has value beyond turnover. The way you treat your clients, the rigour of your work, the reputation you have built. You want all of that to survive.”

For those wishing to make this notion of value more objective, we have published a framework for considering the value of a fiduciary firm that complements these emotional dimensions with concrete reference points.

What is the most common regret?

I asked each of the seven leaders the same question: “If you could go back, what would you change?” Six out of seven gave an answer that converges on the same idea.

“Alain” (NE):

“I would have started talking about it sooner. Not negotiating, not selling. Just talking about it. Raising the subject with my professional circle. Silence is the worst enemy of a handover.”

“Daniel” (VD):

“The regret is having believed I had time. You always have time, until the day you no longer do. I should have started the first conversations five years earlier. Not to act immediately, but to have options.”

“Sophie” (VS):

“Waiting for my employee to come to me instead of going to her. I lost two years because I was afraid of her reaction. In fact, she was thinking about it too, but did not dare raise the subject.”

The regret is never having sold too early or for too little. The regret is always linked to silence. To those years when the question was there but never voiced.

What advice would these leaders give themselves five years earlier?

To close these interviews, I asked each of them for one piece of advice they would give themselves five years before the handover. Here are the seven answers, unfiltered.

1. “Marc”: “Talk to three fellow practitioners you trust. Not to sell, but to understand what they have been through.”
2. “Catherine”: “Start documenting your processes. What is in your head has no handover value.”
3. “Pierre”: “Invest in technology now. A buyer looks at your infrastructure as much as your clients.”
4. “Alain”: “Choose an external adviser who has nothing to sell you. Someone who has been through the same thing.”
5. “Sophie”: “Train your successor as a partner, not as an employee. The mindset changes everything.”
6. “Daniel”: “Accept that your firm will evolve after you. That is normal. It is even desirable.”
7. “Élise”: “Do not confuse your personal worth with your firm's valuation. They are two different things.”

These seven pieces of advice paint a coherent picture: preparation does not begin with a sale mandate. It begins with personal reflection, honest conversations and investment in what makes the firm transferable.

A personal word

I founded Sequence because I have experienced these questions from the inside. Handing over a fiduciary firm is not a problem to solve. It is a transition to support. Every leader I met for these accounts reminded me of something essential: behind every fiduciary firm is a person who has put part of themselves into their work. Passing the baton is not giving up. It is choosing continuity.

If you recognise yourself in one of these accounts, or if you are simply starting to think about it, I am available to talk. No agenda, no commitment.

The most important conversation is often the first.

I regularly speak with fiduciary firm leaders in French-speaking Switzerland about these subjects. In complete confidence.

A confidential conversation with Blas

Frequently asked questions

At what age should a fiduciary firm leader start thinking about a handover?

The seven leaders interviewed agree on one point: the thinking should begin at least five years before the intended departure date. It is not about launching a sale process, but about opening up the subject, exploring options and gradually making the firm transferable. A leader who starts thinking about it at 55 is not early; they are on time.

What is the most common handover route for a fiduciary firm in Switzerland?

There are three main routes: an internal takeover by an employee (the most natural, but often held back by financing), a merger with a fellow practitioner (effective when cultures are compatible) and integration into a group or platform (which offers structural continuity for the team and clients). The choice depends on the size of the firm, whether a potential buyer is already present and the leader's personal priorities.

How can client relationships be preserved when handing over a fiduciary firm?

The client transition is the most sensitive point, according to the accounts collected. The leaders recommend a transition period of at least 12 to 18 months during which the outgoing and incoming leaders work together on engagements. Personal introductions, client by client, are preferable to a generic communication. Trust cannot be transferred by letter: it is built in person.

Should an external adviser be involved in a fiduciary firm's succession?

Several leaders interviewed recommend it, provided you choose someone who understands the reality of the fiduciary profession in Switzerland. An adviser who has personally experienced a handover brings a different perspective from a generalist consultant. The essential criterion mentioned: the adviser should have no direct commercial interest in the transaction, to ensure the objectivity of their support.

Last updated: 24 July 2026