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About SRG

Succession Resource Group is a boutique succession consulting firm based in the Pacific Northwest, serving clients across the country. SRG was founded by David Grau Jr., MBA in 2012 after nearly a decade of helping advisors with valuation and succession planning. SRG's team of experts leverage their industry expertise, combined with best-in-class resources, to help advisors, agents, and accountants manage the equity in their businesses...

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4 min read

Advocated Sale of $44.52M AUM Florida-based, Fee-only RIA Announced by Succession Resource Group

Apr 5, 2022 9:01:38 AM

Barry Katz (Katz) of Caratel Financial Services (Caratel) sells well-established firm to Nicholas McElroy (McElroy) of PGI Wealth Management (PGI).


PORTLAND, Ore. (March 23, 2022) – Succession Resource Group announces the sale of Caratel to PGI. Serving as the seller advocate, SRG secured Katz a deal well above market price, with short transition terms, and additional funds to support PGI post-sale.

After 30 plus years in the business, Katz, an avid cross-country cyclist who lives by the motto of YOLO (You Only Live Once), hired SRG to value his RIA and help him find the perfect successor. Like most exiting advisors, Katz had a specific set of criteria. His ideal successor would have built a fee-only RIA firm with a robust but mid-size team located on the East Coast, was willing to use AssetMark as a third-party asset manager (TAMP), had a CFP® designation, and fostered strong client relationships.  

 Katz also needed the sale completed, and clients transitioned to the successor by May 2022, in advance of the TransAm Bike Race. These criteria did not hinder the demand of this well sought-after RIA, which made SRG's list of Top Performing Practices, with over 120 interested candidates.   

"SRG guided me through the entire process, advocating for me, listening to my priorities, and addressing my concerns. They provided resources, guidance, and assurances that ultimately generated a fair value for my firm," said Katz about utilizing SRG's Seller Advocacy Program (SAP). 

After several interviews with the SRG team and Katz, four finalists addressed Katz's concerns in a detailed offer letter, addressing purchase price, terms, taxation, post-transition consulting, associations, and more. Ultimately, PGI acquired 40 households and over $44.52m of AUM. 

Despite the SAP being sell-side, McElroy indicated, "… the process was smooth, helping both buyer and seller focus on the next step while keeping all parties informed of developments. Communication and transparency were incredibly helpful."  

 Key Highlights:  

  • 120 candidates 
  • All four offers at or above asking price and terms  
  • 20.0% above the asking price with the sale price at 3.12x recurring revenue  
  • 75.0% cash down and a four-month lookback period 
  • All assets were retained on the AssetMark platform  
  • Katz retained for a minimum of one year under a paid consulting arrangement to help with the client transition process and business development efforts 

"McElroy and PGI Wealth Management checked all of the boxes for me and my clients. They are a great firm with a team who will support the comprehensive financial planning and enhance the client relationships I have built," said Katz. 

About Succession Resource Group 

Succession Resource Group is an award-winning Portland, Oregon based consulting firm specialized in helping advisors nationwide with valuation, M&A, succession, and practice management solutions. With decades of combined industry experience, SRG brings a unique combination of skills, resources and expertise to help advisors. 

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Kristen Grau | Executive Vice President

Kristen Grau

Written by Kristen Grau