In the next decade, nearly 40% of financial advisors plan to retire, yet many still don’t have a clear succession plan in place. One in four advisors says they’re unsure what their transition will look like.

While experts recommend starting succession planning five to seven years before retirement, life is unpredictable, and it’s never too early to start thinking about the future of your firm.

If the idea of succession, mergers, or acquisitions feels overwhelming, here are a few key places to begin.