Tips and traps in buying and selling a planning business

Tips & Traps in Buying a Financial Planning Business

1. What is the purpose of undertaking an acquisition?
2. Does an acquisition form part of your Business Plan?
3. Identifying targets
4. Looking for a new business partner or just client revenue?
5. Assessing compatibility
6. The right cultural fit
7. Are compatible systems in place?
8. Are there referral networks that you can take on?
9. Compliance, looking under the bonnet!
10. Staffing, and what does the acquisition bring?
11. The due diligence process
12. Managing change both with your own staff and with the acquisition
13. The transition/handover process
14. Bedding down the acquired clientele
15. Managing egos

Tips & Traps in Selling a Financial Planning Business

1. Do you have a Succession Plan?
2. Do you regard BOLR as your Succession Plan?
3. At what stage should I start putting a plan in place?
4. Do you have a time frame when you wish to retire?
5. Is your Practice “Principal Dependent”?
6. What value do you place on your staff?
7. What value do your clients place on your staff?
8. What expectations do your staff have on your exit?
9. “It’s not just about the money”!
10. ”Walk the street test”.
11. Is your business “corporatised”?
12. Most owners are selling clients, not the business.
13. Are you in control of your destiny? Beware the “D’s”!
14. Get good advice, including legal.
15. Succession Planning is about building a business that will live beyond its current owners.