TRANSITION TALK

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

• Central North Carolina • $1,920,000
• Denver, CO • $218,201
• Northwestern Indiana • $995,000
• Los Angeles, CA • $640,000
• Minneapolis Area Minnesota • $950,925
• San Juan Islands Washington • $540,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

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

• San Gabriel Valley California • $390,000
• Southeastern Tennessee • $2,000,000
• Roseburg, OR • $300,000
• Central New Jersey • $200,000
• Southwestern Florida • $625,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

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

• St. Louis, MO • $1,800,000
• Connecticut • $775,000
• Vermont • $500,000
• DC Metro Area • $280,000
• San Francisco, CA • $1,043,983
• Silicon Valley, CA • $1,279,680
• Denver, CO • $350,000
• Honolulu, HI • $917,000
• Columbus, OH • $1,092,048

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

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

- A qualified and impartial intermediary

To be clear, this list applies to both buyers and sellers. Both parties typically need their own team, with some slight overlap.

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

• Northwestern Indiana • $1,063,000
• East Bay California • $1,700,000
• Baltimore, MD• $1,200,000
• Cincinnati, OH • $260,000
• Central New York • $868,000
• Southwestern Connecticut • $210,000
• Portland, OR • $1,200,000
• Ventura County California • $1,500,000
• Central Illinois • $800,000
• Central North Carolina • $ 478,800
• Western New York • $2,470,328
• Washington D.C. Area • $2,148,427
• Western Pennsylvania • $495,000

VIEW CURRENT LISTINGS HERE 

VIEW COMPLETE LIST OF PRACTICES SOLD 

LIST YOUR PRACTICE WITH FP TRANSITIONS

If you’ve been reading my recent posts, you know I consider myself a “win-win” gal.  You’ve read about how the self-discovery of my real win—not owning the business—was key to not only successfully exiting my business, but also launching what I now call “my next chapter.”  

Up to this point, I was primarily speaking of the founder’s win, and that of a buyer. In my research and work with clients who are firm founders, I have noticed that their perspectives on their own personal transition strategies often fall into two camps. That is, some are asleep at the wheel, relying on autopilot; and others are convinced they’ve already got a plan ready to go whenever they are.

In recent months, I’ve come to recognize there is one more win to add to the mix. This realization has come about as I met with a growing number of smart, hard-working “junior” professionals who are frustrated by a lack of clear strategic vision for the firm and their role in it. Even those who are designated successors, described a lack of transparency from the founders regarding the firm’s financial picture, vision and strategy.

Rough Seas

In the heyday of maritime exploration, traveling the world’s oceans promised adventure and immense risk. Turbulent seas and unfavorable weather endangered crews, threatened ships, and spoiled the best-laid plans. Seasoned captains applied skill and experience to determine whether to proceed with caution or seek haven; decisions that couldbring adverse consequences or reap rich reward. 

As the captain of your business, you’ve undoubtedly surveyed the course ahead and evaluated the inherent risks and rewards. Are you prepared to weather these seas? Or is it time to pull into safe harbor? 

This is the third piece in our series with guest writer Laurie Nichols (read the first here and the second here) that chronicles her personal journey of selling her her business four years ago.

After spending nearly 30 years in financial services, including more than a decade wearing the Chief Compliance Officer hat, I don’t often make definitive claims or promises.

However, as I reflect on what has brought me to where I am now—living and working with renewed energy and excited about the future—there is something I know for sure: A successful transition from business owner to an inspiring next chapter starts with looking in the mirror and challenging yourself. 

How I Know

As I started to experience some “mid-life wake up calls,” both personally and professionally, I resisted looking at the truth of where I was in a holistic way.

I was a worrier. A deeply committed worrier who thought the key to financial security and success was to just keep pushing the same old boulder up hill and hoping it wouldn’t roll down.

The financial services industry is a personable one. Professional networking and client prospecting depend on your charisma and ability to connect beyond surface pleasantries. But when it comes to selling your business, it’s important to keep your cards close to your chest.

It’s very easy to get excited about the prospect of transitioning your business and moving forward in life–especially, when you’re talking with a colleague you’ve known for years. However, the excitement can cloud your ability to think through details and maintain a healthy level of confidentiality. It’s important to avoid casual negotiations and hashing out deals without proper documentation.

These casual conversations–also referred to as handshake agreements, or napkin negotiations–can lead to a lot of problems, including a loss of realized value. 

SHARKS IN THE WATER

The first issue that could arise from the casual mention that you’re even thinking about selling your business is the influx of phone calls or visits from people who want to buy. It’s like blood in the water. And while buyers flocking to you may seem like a boon, it can quickly become overwhelming. Without an efficient screening system, it becomes time consuming and difficult to sift through the phone calls to find serious and qualified candidates, let alone the person who fits your ideal criteria to take over your business. You also make yourself vulnerable to predatory buyers.