Best Practices: Creating a Business Death/Disability Plan
What would happen to your business, your clients and the value of the company, if something where...
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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...
Ensure your business continues to grow and thrive well after you are ready to slow down. Our team of experts will guide you through creating a detailed plan that includes our recommendations, the timeline, pro forma cash flow models, compensation research, flow charts & organizational plans, and all necessary supporting agreements to ensure growth and profitability for years to come as you create a multigenerational advisory business.
We understand no two teams are the same, and that your priorities are unique to you. Don't settle for a cookie-cutter strategy. We have developed a variety of strategies to help you and your successors, and will guide you to the correct solution.
Having helped hundreds of advisors of varying size create their plan, we will ensure you are able to make each decision with full information with the guidance of our dedicated in-house team of professionals.
Using our four-step approach, we help you (financial advisors) develop truly unique and comprehensive succession plans built for your business.
We offer two service packages based on your needs. At a minimum, all of our succession plans include:
Our elite succession plan package includes additional consulting and industry resources to ensure no stone is left unturned. We will work with you to ensure you have a workable plan by coordinating with your tax professionals, and documenting the plan through our succession blueprint to ensure a smooth transition.
While we move at the pace of our clients, most succession plans take between 3 and 6 months to complete at a comfortable pace.
Getting started is easy - simply complete our short contact form, call us, or schedule a call. Either way, we will make sure we get your questions answered so you can feel confident retaining SRG to guide you and your team.
Our succession plan service is for owners looking to either create an equity sharing strategy for their business and/or create a long-term plan to phase out (both in terms of ownership and workload) over the next 5 to 10 years.
The owner should engage in our succession plan service when he/she is considering sharing equity with their team, and certainly if you are considering slowing down/phasing out of the company over the next 5 to 10 years. Any transition period less than this is usually just a buy-out due to the lack of time to plan and execute multiple buy-out strategies.
The owner looking to phase out should engage for the succession plan service. Or both the owner and the successors could engage jointly.
No. Finding, training, and evaluating an employee that you will hopefully turn into an entrepreneur and owner is statistically unlikely and takes years of trial and error.
While we do not have a solution to help you find and hire someone, we can help you find a buyer, and then you can continue to work with him/her for many years following the sale. You can learn more about this solution by visiting our Seller Advocacy Service.
No. In order for this to work well, there should be significant buy-in from all parties.
Review this article about starting the succession conversation.
SRG is a neutral, third-party dedicated to working with financial advisors, and we focus on doing one thing well - succession planning. We have an entire team that is dedicated to working with advisors to craft unique succession plans, and with years of experience, we have learned a thing or two. We also provide a comprehensive solution, ensuring you get the guidance and advice you need, as well as the resources to execute the transaction. We encourage collaboration with key stakeholders to ensure you receive all of the necessary advice and guidance for a successful transition.
We request a short questionnaire be completed, requesting items such as owner information, successor information, goals, and timeline. If a valuation has been completed with SRG, we will also review the materials provided.
You will receive one-on-one consulting through Zoom, telephone call(s), and emails. You will also receive cash flow modeling, a Memorandum of Understanding, role transition, timeline, financing, compensation research studies (owner only), contracts, checklists, and any other resources needed to complete the deal.
Each of these services help assist the owner transition their business. However, the methodologies used, potential triggering events, and urgency varies.
Contingency Plans: Contingency Plans are designed to help the owner transition their business to an internal/external licensed advisor (typically within the same broker-dealer/custodian/city and state) immediately in the event of death, disability, and/or loss of license. There is usually a discount applied to contingency plan deals due to the unknown and expedited nature.
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Succession Plans: Succession Plans are designed to help the owner transition their business to internal advisors over an extended period of time. These plans can vary in duration, with some plans focusing on sharing equity while others focus on the founder's eventual retirement and sale.
SRG has years of experience helping set these types of plans up for our clients. We know your industry. And, we have helped our client's family's and legal counsel put these plans into action when something has happened. This is the experience we bring to each client's plan.
We strive for excellence and, as a result, we are always learning, adapting, and revising our deliverables and resources to ensure that you receive a fair, accurate, and timely solution as the industry changes.
We are neutral. We are not affiliated with a broker-dealer or custodian and can provide the advice that is best for you. We also pride ourselves on service - providing high-touch, high-quality solutions to our clients.
David Grau Jr., MBA, Founder & CEO
Parker Finot, Project Coordinator
Our succession plan service is for owners looking to phase out (both in terms of ownership and workload) over the next 5 to 10 years.
The owner should engage in our succession plan service when he/she is considering phasing out of the company over the next 5 to 10 years. Any transition period less than this is usually just a buy-out due to the lack of time to plan and execute multiple buy-out strategies.
The owner looking to phase out should engage for the succession plan service. Or both the owner and the successors could engage jointly.
Not at this time. We haven’t found retained successor searches to work well.
No. In order for this investment to make sense, there should be significant buy-in from the owner.
Review this article about starting the succession conversation.
SRG is a neutral, third-party company dedicated to working exclusively with financial advisors in the advisory space and has a team dedicated to analyzing the various succession strategies that work and did not work. Additionally, we encourage collaboration with any key stakeholder that makes sense to ensure you receive all of the necessary advice and proper guidance for a successful transition.
We request a short questionnaire be completed, requesting items such as owner information, successor information, goals, and timeline.
You will receive unlimited one-on-one consulting through Zoom, telephone call(s), and emails. You will also receive cash flow modeling, a Memorandum of Understanding, role transition, timeline, financing, compensation research studies (owner only), contracts, checklists, and any other resources needed to complete the deal.
Each of these services help assist the owner transition their business. However, the methodologies used, reason, and urgency varies.
Contingency Plans: Contingency Plans are designed to help the owner transition their business to an internal/external licensed advisor (typically within the same broker-dealer/custodian/city and state) immediately in the event of a death, disability, and/or loss of license. There is usually a discount applied to contingency plan deals due to the unknown and expedited nature.
Succession Plans: Succession Plans are designed to help the owner transition their business to an internal licensed advisor(s) over a 7 to 10 year period in an effort to train, retain, and gain talent. There is usually a discount applied to succession plan deals due to junior advisors not having their own books and/or cash flow to back large acquisitions (even partial book sales).
Seller Advocacy Program: The Seller Advocacy Program is designed to help the owner transition their business to an internal/external licensed advisor using SRG as an intermediary and advocate in a sale within 1 year. These sales can be outright sales and/or use a Sell and Be Retained methodology. There is usually a premium applied to the Seller Advocated deals due to the advocacy competent, as well as the increased competition.
Turnkey Deal Support: Turnkey Deal Support is designed to help the owner and the buyer complete the sale and acquisition in a non-advocacy, non-biased approach within 1 year. These sales may be at, below, or above fair market value.
SRG focuses solely within the financial services industry.
We strive for excellence and as a result, we are always learning, adapting, and revising our deliverables and resources to ensure that you receive a fair, accurate, and timely product as the industry changes.
We are neutral. We are not affiliated with a broker-dealer or custodian.
David Grau Jr., MBA, Founder & CEO
Parker Finot, Project Coordinator
What would happen to your business, your clients and the value of the company, if something where...