TRANSITION TALK

The decision to sell a financial services practice is a difficult one for any advisor to make. After a lifetime of work to build your business, how do you just turn it over to someone else? Will they work as hard as you have? Will they care for your clients as much as you do?

When selling your practice, you get just one chance to do it right.

We recently spoke with one of our clients about their journey to selling their business. Their story provides unique insights into the process, and illustrates the opportunities–and the mistakes–that many first time sellers make.

There is much to consider when determining and receiving the true value of your financial services practice, things like assets under management, client demographics, revenue mix, likely employee and client retention, and, of course, cash flow. Check out Wealth Management's recent article, "Boosting Curb Appeal" by Anne Field, for advisor experiences when it comes to looking at all the factors of practice value, including 25-year industry veteran Elizabeth Brickman who valued and sold her business with the help of FP Transitions, but not before realizing the importance of preparation and targeted growth prior to selling.

Understanding all the little things that boost the value of your business will not only benefit you should you decide to sell, but will help you identify areas on which to concentrate on to promote growth.

Read the full article here.

“Isn't it ironic? Most independent financial advisers have no exit strategy and let their firms die through attrition.”