Succession
It’s a Question of Value
As recently as five to ten years ago, the commonly held view in this industry was that financial advisory practices had essentially no value. Value was seen as vested in the investment professional and not in the practice or business itself. As a result, owning an advisory practice continues to be viewed by many (especially those at the $500,000 gross revenue/GDC level and below) as more of a job and less, if at all, as a real business.
Succession Planning: The Equity Equation
I’m in the business of succession planning. When I say that to an advisor, the typical and quick response is, “I’m not ready to sell my business yet.” And my equally quick response is, “I know.”
