The following sections are excerpted from the book Buying, Selling, and Valuing Financial Practices by FP Transitions president and founder David Grau Sr., JD.
Let's highlight the importance of having a strong transition team in your corner as either a buyer or a seller. In fact, it's important to have a comprehensive team when jumping into most business evolutions, including (but not limited to) entity creation, compensation restructuring, and internal succession planning.
Assembling and Managing Your Team
Advisors who want to buy or sell a business will need some help to do the job right. A typical team for this purpose will include:
- A qualified valuation analyst
- A tax professional
- A lawyer
- Someone familiar with your regulatory structure and your IBD/custodian’s rules & procedures
To be clear, this list applies to both buyers and sellers. Both parties typically need their own team, with some slight overlap.