"[In a a sale or acquisition] we need to remember the younger ownership in an organization–if that organization is looking for an external partner–is a stakeholder. Even if that, those younger folks don't have current equity ownership in the business, we still need to make sure that we're looking out for their interest, because they are a stakeholder in this transaction. And in fact, in many instances, the transaction wouldn't even be possible without the younger advisors being committed to the transaction and being committed to being a part of the partner firm on a go forward basis.

So what does that mean for them as part of a transaction?

Well, It means we need to ensure that there's a compensation plan put in place for them that they're excited about. We also need to ensure that there are growth opportunities available to them at the new firm that they're excited about. And a third point, that we need to at least have visibility on, is are there ownership opportunities for them with the new partner? And sometimes that's just visibility on that ownership. But other times we're able to, as part of the deal structure itself, do ownership at the outset of that relationship. Meaning if they currently have ownership, we can swap their ownership in their current business for ownership in the acquiring firm. Or we can provide, as part of the consideration being paid, a portion of that can be allocated to them in ownership.

And, and I don't think I can put a finer point on this, but I'm amazed at the number of transactions that wouldn't be possible without the commitment from the younger advisory team in that organization being committed to that transaction."