Thinking about selling your financial planning practice?
As an owner, you invest a lot of blood, sweat, and tears into growing your practice, and for all of us, there comes a time to realise some of the fruits of that labour.
Selling your financial planning practice or planning your succession is not something you do every day as an owner, and for first-timers, the environment can be unforgiving. You only get one chance to make a first impression with each acquirer or equity partner, and how you go about it—how organized and informed you are—impacts greatly on your sale price, your risk, and how long it takes to close the deal.
➤ How to avoid the most common mistakes that first time sellers make during the sale process, which costs them thousands of dollars
➤ The #1 reason why owners end up selling for less than they could have (which has nothing to do with their business)
➤ How practice owners have used our 6 step sale process to secure multiple attractive written offers within days of offering their practice for sale
In this video, Chris explains the 3 different types of buyers and what you need to prepare in order to attract a premium buyer.
After studying owner-led sales over a 3-year period, we found that most were negotiated with a single buyer; 6 months later 3 out of 4 discussions had ceased; and most still hadn’t transacted after 12 months.
In part 2, Chris reveals the typical spread of offers for a practice and explains why negotiating with 1 or 2 known buyers is a high-risk strategy.
We also explore how one client secured 9 written offers in 8 weeks and received their first cheque within 5 months.
In the final part, Chris explains the 6-step sale process that maximises your sale price, reduces your risk, and achieves a faster result.
We also tell the story of how a previous client received 8 written offers within 9 weeks and negotiated a deal within 5 months, offering 100% of the purchase price paid upfront.
We can help you maximise your sale price.
Whether you’d like to do it yourself, or have an expert manage your sale process end to end, we have an option to help you get the best deal for your practice.
Sell Your Business Yourself
‣ Make sure you prepare correctly to maximise sale price.
‣ Get introduced to buyers in your area to increase competitive tension.
‣ Our program gives you the tools, templates,
introduction to buyers, and advice to achieve a successful sale yourself.
If your practice turns over less than $1M a year and you’re confident of negotiating a good deal with a qualified buyer, this is a good option for you.
Full Service Sale
Get an experienced third party to lead your sale. Identifying motivated buyers early, create market tension to maximise price and sale terms. Less business risk, a faster result, and confidentiality until the business is sold. A better outcome for multi-owner businesses than DIY.
If your practice turns over more than $1M a year and/or there is unique value in your practice, contact us for a confidential discussion.
Don’t leave money on the table.
You’ve spent years building your practice, and it’s now likely the most valuable asset you own. Unfortunately, the majority of practice owners negotiate from a position of weakness when it comes time to sell their practice
Most owners:
• Don’t know the true value of their practice
• Negotiate with the first buyer who approaches them
• Let emotion get in the way of the best sale outcome because they’re too close to their business
Get a professional in your corner.
In a market place with far more buyers than sellers, this is a successful approach that reduces risk for the practice owner and minimises impact on stakeholders.
For many practice owners, the Financial Planning business or shareholding is their largest financial asset, so the outcome of a sale is important to their financial future.
Recognising this, we advise you through a business sales process that maximises sale value, negotiates with buyers and conducts the transaction to meet the diverse needs of shareholders, people in your practice, and importantly, your clients.
We’re responsible for identifying and qualifying suitable prospective buyers to introduce to you. To do so, we draw on our relationships and our extensive database of qualified buyers. In a market place with far more buyers than sellers this is a successful approach that reduces risk for the practice owner and minimises impact on stakeholders.
Confidentiality assured.
In our experience, most owners prefer their transaction to remain confidential to the parties involved. For this reason we don’t advertise transactions or source buyers by listing them on our website.