Portland, Ore. (March 20, 2019) – Succession Resource Group is pleased to announce the sale of Rex Brenton and Karen Curry of Willamette Financial Group (WFG) to Jon D. Lawry and W. Nick de Freitas of Lawry | de Freitas Wealth Management. The sale represented over $81 million in assets under management in the Portland, Oregon metro area.
With over 35 years in the business, Rex and Karen had approximately 138 very loyal households, and in 2018 both decided to begin planning for their retirement. Their primary concerns were to find a buyer that had the same core values and similar commitment to client service, as well as a buyer who would use AssetMark (their preferred TAMP) in an effort to reduce disruption to the clients. SRG conducted a nationwide search, communicating with their existing buyers as well as numerous channel partners including AssetMark. Through rigorous screening, SRG identified 20 qualified buyers, of which six ‘elite’ buyers were selected and given the opportunity to submit an offer, all facilitated by SRG. After a few revisions and conversations, Rex and Karen accepted the offer from Nick and Jon that was 18% above asking, and all cash.
Kristen Grau, Executive Vice President of SRG, said, “For Rex and Karen, fit was key. The first several weeks were spent sourcing and evaluating potential buyers, which happened before there were any conversations about price or terms with anyone. But once we have a group of great buyers, it does come down to who has the best offer, and Nick and Jon were committed to getting the deal done.”
Following the recent closing and funding of their deal, Rex and Karen shared their perspective on the deal, “SRG was incredibly helpful throughout the entire process. From the initial practice evaluation, screening of potential buyers, comparing and ranking of offers and the completion of purchase agreements and documents, we could not have asked for a more thorough execution from the team at SRG. Their guidance and diligence was invaluable in getting this deal done."
Effective February 2019, WFG closed the transaction with Lawry | de Freitas, and shared that their motivation for providing such a strong offer was based on how similar in structure and philosophy the two firms were. “The fit seemed almost too good to be true. Through the acquisitions of these practices the past few years, we have been able to help seasoned advisors retire, maintain continuity of the client relationship and allow our firm to grow efficiently, a true win-win,” Co-Founder W. Nick de Freitas said. This closing marks the fourth acquisition by Lawry | de Freitas since they founded their independent firm in 2016.
About Succession Resource Group
Succession Resource Group, Inc. is a succession consulting firm helping financial professionals value, protect, merge/acquire, and develop exit strategies for their business. With decades of combined industry experience, SRG possesses a unique combination of skills, resources and expertise to help advisors understand the value of their business, develop strategies to improve that value, protect it with comprehensive contingency and succession plans, and grow through acquisition.
For more information on Succession Resource Group, visit https://www.successionresource.com
Contact:
David Pan – PR & Marketing Coordinator
Phone: 503.683.8959
Email: david.pan@successionresourcegroup.com
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