Inflection Point

Kevin and Tom talk about the importance of finding the best buyer not just for you, but also for your clients. And talk through tips on how to identify your ideal successor.

Angela tells Kevin and Tom about Prosperity Advisors’s succession plan—and how it was started 10 years ago. She talks about how planning so far ahead made the transition seamless, for both employees and clients.

Kevin and Tom welcome Angela Brill, President of Prosperity Advisors, who recounts the challenges of conducting an unplanned acquisition of a business due to the owner’s untimely death.

Kevin and Tom explain how the process of buying or selling a business is a lot like courtship: from first-date vibe checks to meeting the in-laws to popping the question. May you buy/sell happily ever after. 

What really makes your financial services practice attractive to buyers? And what doesn’t? Kevin and Tom talk about setting expectations and being clear-eyed, all the way to the close. 

Procrastination…If you’re putting off listening to this episode, don’t: Kevin and Tom provide real-life examples of the pitfalls of procrastination when it comes to figuring out your succession plan.

Valuations…Kevin, Tom and Dan provide pointers on maximizing the value of your practice while minimizing your problems along the way. So your exit strategy is actually strategic.

Continuity Plans…Kevin and Tom welcome Dan Mayes to talk about how to create your continuity plans. And how to figure out the future of your business before it gets figured out for you.

Mergers…Sail off into the sunset or get held back by an anchor? Kevin and Tom share the pros and cons of merging practices, and how selling to another firm can delay your dreams more than you might think, unless you plan ahead.

Generation 2…Known quantities can sometimes come with unknown risks. Kevin and Tom take you through the pitfalls of looking inside your practice for your successor, and how expectations don’t always match reality.