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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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2 min read

SRG Announces Sale of California Fee-Only Practice to Bluesphere Advisors, LLC

Aug 27, 2021 11:30:00 AM

PORTLAND, Ore. (Aug. 26, 2021) – Succession Resource Group (SRG) is excited to announce the sale of California-based RIA, Empowering Financial Solutions, Inc. to Pennsylvania-based RIA, Bluesphere Advisors, LLC. This sale represents almost $50 million in assets under management (AUM) and expands Bluesphere’s presence and ability to serve clients coast-to-coast.

In a transaction that took less than six months from beginning to end, Joan Parker sold her advisory business, Empowering Financial Solutions, Inc. for a 3.61x multiple - 11.5% higher than the original listing price, which was priced aggressively at a 3.24x multiple given the features of this simple turnkey RIA. In addition to an 11.5% premium, Parker also received 100% of the cash upfront, with no contingencies — eliminating any retention issues.

Background:
Empowering Financial Solutions, Inc. was a fee-only RIA in California with 61 households and effectively no built-in overhead a buyer would need to retain. Parker boasted an average client retention of nine years, crediting her commitment to her fiduciary responsibility, professionalism and fair pricing as keys to her success.

Though she had planned for her client’s financial future, she did not realize that there was a market to sell her book of business until she contacted SRG. Parker sought a successor that aligned with her values, was an experienced fee-only planner, had a strong financial planning background, and delivered consistent client service with empathy, compassion, and diligence. With SRG’s help, Parker was able to find the ideal successor fit, obtain an above asking value and within the desired time window.

Key Highlights:

  • SRG sourced more than 60 qualified candidates, then narrowed the pool to four “elite” buyers that were presented to Parker for consideration
  • Parker selected three buyers and received offers from each of the three, all making offers above asking
  • The final sale price was at a 3.61x multiple - 11.5% above the asking price
  • Parker received an all-cash deal with no contingencies, as well as an ongoing partnership with Bluesphere focused on rainmaking activities
  • Seller’s commercial real estate and software package were retained for a year to create client continuity
  • The entire process was closed within six months

With the transaction closed and funded, Parker is looking forward to shifting into her retirement, starting with a three-month hike along the Pacific Crest Trail.

About Succession Resource Group
Succession Resource Group, Inc. (SRG) is an award-winning succession consulting firm with decades of combined industry experience. SRG possesses a unique combination of skills, resources, and expertise to provide turnkey solutions helping advisors understand the value of their business, develop strategies to improve that value, protect the value with proper agreements and plans, grow through M&A, and create/execute their exit strategy.

For more information, visit www.successionresource.com.

Contact:
David Pan | Marketing & Brand Manager
david.pan@successionresourcegroup.com
503-427-9910

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David Pan

Written by David Pan

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