Selling My RIA: How I Found Peace Of Mind In the Process
For many business owners, the thought of selling the company they’ve poured their lives into is overwhelming. I get it – for me, when thinking of selling my RIA, there was more to consider than just the financials. It was a deeply emotional process, one that required balancing personal priorities, finding the right partner, and ensuring that my clients and legacy were left in good hands.
As the former owner of an RIA who recently went through this very journey, I thought it might be useful to share some powerful lessons about the experience, and how I made peace with my decision to sell. My story is unique to me, but not far removed from that of many financial advisor business owners who will all eventually ponder this same leap in the coming decade.
The Moment I Realized What Truly Matters
For years, I had juggled the demands of my business with my personal life, always trying to give everything I could to both. While I was still healthy and could likely continue, my wife’s health began to decline. There came a point when I had to ask myself a hard question: What am I willing to sacrifice?
For me, the answer was clear. I couldn’t sacrifice my relationship with my wife. As much as I cared about my clients, my family had to come first. I realized, “I can’t do right by my wife and do right by my clients. One of them has to give, and it’s not going to be my wife. And so then the anxiety I had was simply about the fact that I didn’t know if I’d be able to find people that I would feel good about handing my clients off to.”
That realization was a turning point. It wasn’t easy to admit that I couldn’t do it all anymore, but I knew I had to take a step back to honor the people who mattered most.
If you’re in a similar place—feeling torn between your personal and professional obligations—let me assure you: it’s okay to choose your family. It’s okay to step back and say, “I’ve given all I can, and now it’s time for a new chapter.” This was the first step in my exit planning journey, and while it brought anxiety, it also brought clarity.
Building Confidence in the Process
Once I made the decision to sell my RIA, the next challenge was finding the right buyer—someone I could trust to take care of the clients I’d built relationships with over the years. That uncertainty weighed on me. How could I be sure I’d find the right people? At first, I wasn’t sure I would. But as I worked with my advisors and started the process, something shifted. I began to see that there were good buyers out there, people who shared my values and who I’d feel proud to recommend to my clients.
“Once we went through the process far enough for me to realize that I am going to find somebody… SRG did a good job of generating interested parties…And then together we narrowed that list down. And, you know, coming to the realization that, yes, there are good people here that I will be absolutely delighted to write strong recommendations to my clients saying, these are good people and they’ll take care of you.” That was a game-changer for me. I went from feeling anxious about selling to feeling confident that I was doing the right thing, not just for myself, but for my clients.
If you’re considering selling, my advice is simple: Trust the process. Start early, work with people you trust, and take the time to really evaluate your options. The right partner is out there, you just have to be willing to find them.
Why Fit Matters More Than the Highest Offer
When it came time to choose the buyer, I had one priority: I needed to know, without a doubt, that my clients would be in good hands.
“My only real priority was I needed to have somebody that I could feel confident handing my friends and clients off to, knowing they’d be well taken care of. The vetting process was about understanding their investment process, but most importantly, who they were as people. Can I trust them to truly put my clients’ interests first? Are they personable enough to make my clients comfortable? That became the lead criteria for me. Ultimately, I chose the buyer who fit these values, even though their offer wasn’t the highest, because it was the best fit. And everything I’ve seen in the past year proves I was right.”
In the end, I didn’t choose the highest offer. I chose the buyer who aligned with my values, someone I trusted to care for my clients and carry on the legacy I’d built. A year later, I can say with confidence that I made the right call.
For anyone going through this process, let me share this: Fit matters. Numbers are important, of course, but they aren’t everything. When you’re handing over something as personal as your business, you want to know it’s going to the right people. Trust your instincts and choose the partner who feels like the best fit for you and your clients.
Key Seller Takeaways:
The Bottom Line: Start Early, and Choose Thoughtfully
Selling my RIA was one of the hardest decisions I’ve ever made, but it was also one of the most rewarding. Along the way, I learned that prioritizing my personal life, trusting the process, and focusing on fit over numbers were the keys to finding peace in letting go.
If you’re a business owner thinking about selling, here’s my advice:
- Start early. Give yourself the time you need to think through your priorities and explore your options.
- Trust the process. Work with trusted advisors who can guide you introduce you to the right buyers, and provide you advice along the way.
- Focus on the right fit. The best offer isn’t always the highest one. Choose a buyer you can trust to carry your legacy forward.
Letting go of a business is never easy, but if you do it thoughtfully, it can be one of the best decisions you make—for yourself, your family, and your clients. For me, it was the right choice. And if you’re ready, it can be for you, too.
