TRANSITION TALK

SOLD : May 2017

Posted by FP Transitions on May 31, 2017 3:40:00 PM

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

 

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

SOLD : April 2017

Posted by FP Transitions on May 8, 2017 1:00:00 PM

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

 

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

6 Considerations for Selling Your Business

Posted by FP Transitions on Apr 11, 2017 3:46:48 PM

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Selling a business is overwhelming. And while there’s no getting around the complex process, negotiations, and paperwork, there are steps you can take prior to listing your business that will help to smooth the process. Being prepared means less anxiety and surprises throughout the process & more satisfaction when the sale is complete.

1. Know Your Value

Value is the first step for any business evolution. An accurate and comprehensive assessment of value is key to realizing what your business is worth when it’s time to sell. Beware though, taking shortcuts to value will often result in money left on the table.

READ: Using Multiples of Revenue to Determine Value

2. Gather Your Team

As you go through your selling journey you’re going to need a team of professionals in your corner to ensure you don’t run into any regulatory issues, or leave any money on the table. You’ll need a CPA and a personal lawyer to act as your advocate. But you’ll also benefit from a nonadvocacy consultant who is committed to the success of the deal and a successful transition as a whole – an expert in the process who can alleviate the guesswork and is available to answer any questions.

READ: Managing Your Team

3. Imagine Your Ideal Buyer

Before you list your practice in search of a buyer, you should spend some time thinking about your ideal buyer. What attributes, attitudes, experience, and philosophies are important for the next owner of your business to have? Which of these criteria are essential, and which would you be willing to let go of in lieu of other favorable deal points?

READ: The Perfect Fit

4. Be Honest with Yourself

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Topics: Selling Your Practice, Buying & Selling, Exit Planning

SOLD : February / March 2017

Posted by FP Transitions on Apr 4, 2017 10:00:00 AM

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

 

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

Your Transition Team & Nonadvocacy Support (Excerpt)

Posted by FP Transitions on Mar 9, 2017 8:09:21 AM

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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.

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Topics: Selling Your Practice, Acquisition, Buying & Selling, "Buying, Selling, and Valuing Financial Practices", Published

SOLD : January 2017

Posted by FP Transitions on Feb 8, 2017 11:00:00 AM

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

 

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

Your Future, Your Choice

Posted by Laurie Nichols, RLP, CPC & ELI—MP on Feb 7, 2017 9:07:22 AM

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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.

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Topics: Selling Your Practice, Culture, Guest, Exit Planning, Next Generation

Navigating Uncertainty in Turbulent Times  [NEW RESOURCE]

Posted by Jessica Villagrana on Jan 10, 2017 10:31:48 AM

Turbulent Seas

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? 

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Topics: Selling Your Practice, Industry News

Mirror, Mirror

Posted by Laurie Nichols, RLP, CPC & ELI—MP on Dec 7, 2016 9:00:30 AM

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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.

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Topics: Selling Your Practice, Guest, Exit Planning

The Dangers of Napkin Negotiations

Posted by Jeanie O'Reilly Northcutt on Nov 2, 2016 12:55:10 PM

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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.

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Topics: Selling Your Practice, Acquisition, M&A, Deal Structure, Buying & Selling

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