TRANSITION TALK

Course Corrections for Your Succession Plan

Posted by FP Transitions on Oct 11, 2018 9:42:48 AM

Course Corrections

Building a sustainable business and incorporating new talent into your ownership structure is a process that takes planning and monitoring. But it’s a process that–when done correctly–can yield incredible satisfaction, growth, and value. A process with so many moving parts including multiple parties and expectations is bound to see some bumps. Sometimes those bumps can necessitate larger course corrections in order to keep the plan on track.

There are a variety of situations that can cause a larger adjustment to your succession plan–whether they’re driven  by G1 or G2, positive or negative, preventable or not, and expected or not. Below is an excerpt adapted from a section of Succession Planning for Financial Advisors, written by FP Transitions Founder and President David Grau Sr., JD.

If Founder Plans Change

The whole purpose of a succession plan is to help your business outlive you, so count on this being a somewhat lengthy process. While some plans on paper may go out 20 or more years, they are implemented tranche by tranche, with planned opportunities for reassessment and course changes or adjustments. At a minimum, plan for annual valuations to monitor value, annual benchmarks using that valuation data to track operational numbers, and plan adjustments every five years or so. Depending on the size of the business, the number of owners, and the goals, some businesses and firms prefer more frequent maintenance so that the course corrections are more subtle.

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Topics: Succession Planning, Sustainability, Selling Your Practice

SOLD : September 2018

Posted by FP Transitions on Oct 4, 2018 2:11:03 PM

FP Transitions is pleased to announce the recent sales of financial services practices in the following locations:

  • Santa Cruz, CA • $221,000
  • Southern New Jersey • $668,000
  • Maryland • $652,000
  • Southern Oregon • $261,000
  • San Francisco Bay Area • $583,850
  • Northern California • $1,800,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

SOLD : July / August 2018

Posted by FP Transitions on Sep 6, 2018 7:00:00 AM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the months of July and August:

  • Central Coast of California • $3,200,000
  • Cedar Rapids, IA • $807,500
  • Kansas City Area Kansas • $1,198,812
  • Little Rock, AR • $1,450,000
  • Los Angeles, CA • $1,600,000
  • Research Triangle of North Carolina • $1,221,696
  • Southern Coast of Florida • $880,000
  • Southeastern Coast of Florida • $794,037
  • Boca Raton, FL • $988,046

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

There Has Never Been a Better Time to Sell

Posted by David Grau Sr., JD on Jul 23, 2018 4:27:01 PM

There Has Never Been A Better Time to Sell

Over the past two and a half decades of working in this industry, as a regulator, an attorney and now at FP Transitions, I can safely say that I have never seen a better time to be the seller of an independent financial services or advisory practice. The commonly applied term, “a seller’s market,” barely does this observation justice. We are seeing so many supporting elements (price, terms, taxes, financing, demand, etc.) come together right now, that this may be the peak for sellers for years to come.

So here is my message: If you’re thinking about selling what you’ve built and handing the reins to a strong, next generation acquirer at any time in the next two to three years, you need to start thinking about these items today. You really need to understand why this may be the perfect time to call it a day and to sell for the full value you’ve built over the length of your career and to let someone else be responsible for the future. In a nutshell, here are the elements that are creating, perhaps simultaneously, this great opportunity at the peak of your career:

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Topics: Selling Your Practice, Open Marketplace, Deal Structure, State of the Market

SOLD : May / June 2018

Posted by FP Transitions on Jul 6, 2018 7:00:00 AM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the months of May and June:

  • Central Louisiana • $4,000,000
  • Baltimore, MD • $2,561,000
  • Houston, TX • $1,435,580
  • Sacramento Area California • $1,004,486
  • San Francisco Bay Area California • $712,000
  • Eastern Virginia • $2,200,000
  • Charlotte, NC • $221,600
  • San Gabriel Valley California • $720,800
  • Dallas, TX • $584,000
  • Southern California • $1,000,000
  • Columbus, OH • $1,067,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

SOLD : March / April 2018

Posted by FP Transitions on May 7, 2018 8:00:00 AM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the months of March and April:

  • Seattle • $700,000
  • San Antonio, TX • $305,900
  • Central Oregon • $655,578
  • Lansing Metro Area Michigan • $476,000
  • Greater Philadelphia Area Pennsylvania • $762,997
  • North Dakota • $700,000
  • Central Louisiana • $200,000
  • Northeastern Illinois • $1,995,000
  • Central Alabama • $782,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

An Unsolicited Offer to Buy – Is It Time to Sell?

Posted by Kem Taylor on Apr 10, 2018 11:39:15 AM

Is It TIme To Sell?

The market for financial services practices has changed. 20 years ago, people didn’t see resale value in a financial planning practice. When an advisor retired, they just hoped they’d find someone who would agree to take over their book. As the industry matured, however, sales started taking place. It wasn’t easy – there were no standards for valuation or deal terms, no strategies for client retention, few financing options, and concerns about liability.

These days, those issues have mostly been resolved, providing for a real marketplace and more competitive prices for practices. It’s a seller’s market, and in our open marketplace sellers often field 50 or more inquiries for every practice listing. Practices are being purchased by regional and national firms, RIAs, banks, and private equity groups. There are many more options for an advisor upon retirement than existed 20 years ago.

EXPLORING YOUR OPTIONS

What if you receive an unsolicited inquiry–either a letter in the mail, an office visit, or a phone call? If your business plans do not include selling, you could file the offer away for the future in a file that may well include other such letters. On the other hand, maybe the offer sparks your interest to learn more about what options you have in the marketplace. Selling what you have built can be a good strategy when the time and circumstances are right. 

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Topics: Selling Your Practice

SOLD : February 2018

Posted by FP Transitions on Mar 6, 2018 3:23:00 PM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the month of February:

  • San Francisco Bay Area • $611,950
  • San Diego Area • $1,740,000
  • Los Angeles Metro • $2,400,000
  • Pacific Northwest • $1,737,637
  • South Louisiana • $237,243

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

SOLD : January 2018

Posted by FP Transitions on Jan 31, 2018 3:42:00 PM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the month of January:

  • Visalia Area of California's Central Valley • $571,999
  • Central Colorado • $400,000
  • Suburbs of Chicago, IL • $660,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

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Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

SOLD : November / December 2017

Posted by FP Transitions on Dec 28, 2017 2:34:00 PM

FP Transitions is pleased to announce the sale of financial services practices in the following locations during the months of November and December:

  • Burlington County, New Jersey • $104,600
  • Louisville, KY • $640,545
  • Research Triangle of North Carolina • $679,520

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

 

Read More

Topics: SOLD, Selling Your Practice, Buying & Selling, Acquisition

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