Developing a succession plan to transfer your business will ensure that when you are ready to slow down, your business will continue to thrive, you will be able to retain and attract the best team, sustain growth while you work less, and realize some or all of the value over an extended period of time. Each plan developed by SRG is as unique as our client, and your succession plan will provide you and your successors a “playbook” (developed as a team), detailing what to do, when to do it, and how to do it. When complete, you will have a detailed plan, complete with descriptions of our recommendations and timeline, pro forma cash flow model, compensation research and structures, flow/organizational charts, and all the agreements to support the plan.
With more than a decade of experience, our team of experts will help you evaluate your options, timeline and goals, and devise the optimal strategy to align these priorities, factoring in both compliance and tax strategies to ensure you have a comprehensive solution. With the right people and a plan, SRG can help you create a plan that will:
- Allow you to work less, and earn more
- Help you attract and retain the best talent
- Sustain growth as you work less
- Have a death/disability plan for the business
- Help you take money out of the business tax efficiently
- Stay involved and maintain control for as long as you want/need
- Obtain significant value for your business
Using our four step approach, Succession Resource Group is able to help financial advisors develop truly unique and comprehensive succession plans build for your business.
Our experts will work with you to get to know your business, your preferences, the participants, and everyone’s goals. Once we understand your business, we will provide recommendations designed specifically for your business that are both compliant and tax efficient.
After evaluating a the most appropriate strategies worth consideration, we will construct detailed financial models to explore the implications of the plan for everyone and understand the before and after tax impact, make necessary adjustments, then share with final version with all stakeholders.
We will help you create a detailed plan document with our recommendations, timeline, and strategy. The Plan will also include a Memorandum of Understanding, designed to be signed by all parties at plan inception to ensure alignment.
The final stage is to work with you and your counsel to prepare and provide all of the agreements needed to support the implementation of your strategy leveraging our industry specific resources – tailored for your business and plan.
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First and foremost I believe you have to be ready and willing to let go.
Once you have the right mental attitude, the people at SRG can help you with the planning and the paperwork to complete your transaction.
You provided a confirmation of many things that we already knew but had questioned our accuracy. I do believe your services were more valuable to the buyer who has less experience than myself. I also believe we completed the succession plan faster with your assistance which allowed us to devote more of our time to our clients.
David kept us focused and pushed us to follow through on this rather lengthy process of transitioning our practice. I know many advisors who have started this process but were unable to complete it. In some cases it was the details, in others it was the price, and too many times it was people’s egos which derailed the plans. The people at SRG were a great help with our negotiations.
I have already referred you to one of our associates who has recently completed her succession plan, all in a timely manner I might add.
If I were an advisor wishing to sell my practice I would definitely use SRG to assist me in all of the details necessary in completing the process.
Our engagement with Succession Resource Group aimed to help us with a succession plan that not only was reasonable and fair for the seller, but also the buyer. We were hoping for clear dialogue and understanding throughout the process and were thrilled with the team approach and communication. David and his team walked us through their valuation process with such detail that we couldn’t help but both agree on the final number almost immediately. The short-, mid- and long-term plans, along with the dialogue that came with it, were invaluable to our transition. Because of SRG, we have now executed the first of three phases of our plan and couldn’t be happier! This was a very large transaction and big deal in our office and we are thankful that we had SRG by our side. We will be utilizing the team again when we get closer to the second phase of our plan!
“I was extremely impressed with Erik Pahlow. We had many revisions, paperwork and hoops to jump through that I would have abandoned ship if it wasn’t for Erik. From calling me from his home on the weekend to late night calls I feel Erik and SRG made this process very simple. If you want the BEST in the Succession process ERIK and SRG will be there for you. Thank you for all of your hard work.”
Thank you for your services. I am convinced that, had my partner and I taken this to an attorney, we would have spent two or three times as much. Also, I especially appreciate your attention to the tax aspects of the succession plan and I feel that I was well served by that attention.
David and the SRG team have been of immense value in helping me set up a suitable succession plan between myself and my junior partner. The custom guidance and flexible solutions were vital to making it all happen.
David and the team were very helpful in working through a difficult period of time for our practice.