Succession Resource Group Celebrates Sale of Fee-Based Advisory Firm Through Seller Advocacy Program (SAP)
PORTLAND, Ore. (Aug. 10, 2022) – Succession Resource Group (SRG) is happy to report another successful sell-side transaction with the sale of an AdvisorNet advisory practice based in Arizona. The practice, with approximately $50 million in assets under management, was acquired by Epic Trust Financial Group, LLC (Epic Trust). Epic Trust is owned by Jeff Lewis, who after rigorous negotiations to find a “win-win,” navigated the deal to a successful close with the assistance of Kristen Grau and Aliza Perry from SRG’s Seller Advocacy team.
Succession Resource Group Helps Commonwealth Retain $49 Million in Advisory Assets
Portland, Ore. (Aug. 7, 2019) – Succession Resource Group (SRG) is excited to announce the sale of Washington-based firm Lighthouse Financial Strategies, Inc. (owned and operated by Steven Holmes) to Nate Oeming and Tim Mahalak of The Oeming Group (Oeming-Mahalak). The financial advisory practice sale represented over $49 million in assets under management, with all assets retained on Commonwealth Financial Network’s platform.
Succession Resource Group Closes NW Based Willamette Financial Group Sale
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 ###
Succession Resource Group Closes Deal Between Dot Mechtenberg and Scott Forsyth
Portland, Ore. (Feb. 26, 2019) – Succession Resource Group is excited to announce the sale of Denver-based advisor Dorothy “Dot” Mechtenberg of Dot Mechtenberg, Inc. to Scott Forsyth of Capital Management Group. Both advisors are under Geneos Wealth Management, a boutique Colorado based RIA and independent Broker-Dealer. The sale represented over $75 Million in assets under management transitioned with all assets being retained on the Geneos platform. Ryan Diachok, President of Geneos, shared his thoughts on the deal, “Myself and the entire Geneos team are thrilled with this transaction! … Dot was able to find the perfect succession partner in Scott Forsyth. Geneos not only is able to assist in helping a wonderful advisor close this chapter of an amazing career in financial services, but we continue to be a part of Mr. Forsyth’s continued growth as he builds his world class organization…” Succession Resource Group first began working with Dot in late 2014, helping value her business and consult with her as she contemplated retirement. In early 2018, after looking at the various self-service bulletin board services, she committed to finding a buyer. Ultimately, she retained SRG for a full-service firm to help her find the best buyer and negotiate the sale. Succession Resource Group reviewed many possible buyers, resulting in 27 qualified buyers who were affiliated with or willing to affiliate with Geneos. The group was reduced to four buyers who represented the ideal combination of personality fit, business acumen, and organizational structure. SRG worked with each buyer to construct offers. With four above-asking offers, Dot selected Scott, which allowed him and his company to expand its footprint. Scott presented a very competitive offer, in large part thanks to the financing he was able to obtain from one of SRG’s lending partners, Live Oak Bank. After the sale closed, Dot shared, “Succession Resource Group was simply fabulous! They could not have been any better with the entire process!” With over 45 years in the business, Dot’s primary concern was to ensure that her successor took care of her clients the “Dot-way,” according to Erik Pahlow, Vice President of Succession Resource Group. He added, “Dot’s practice represented a tremendous opportunity for any buyer. One conversation with Dot and it’s clear she has wonderful relationships with her clients reducing any worry for client attrition.” In third-party transactions, SRG transacted $88.1 Million in advisor sales with $6.7 Billion in AUM transferring in 2018. About Succession Resource Group Succession Resource Group 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 david.pan@successionresourcegroup.com (503) 683-8959
SRG Closes Fieldstone Financial Management Deal with FourStar Wealth
Portland, Ore. (February 11, 2019) – Succession Resource Group (SRG) is excited to announce the 4th transaction of the 2019 calendar year, with the sale of Boston based RIA – Fieldstone Financial Management to FourStar Wealth Advisors. FourStar is led by CEO Brian Kasal, who has taken his already successful Chicago based RIA with approximately $117 million in assets under management in its first five years in business to $350 million with this acquisition.
SRG Closes Berman Investment Advisors Deal with The Mather Group
Portland, Ore. (Nov. 30, 2018) – Succession Resource Group (SRG) is excited to announce the sale of their client Steve Berman of Berman Investment Advisors (Berman) to The Mather Group (TMG) who was recently listed on InvestmentNews Top 25 Fastest Growing $1 Billion+ RIAs list and Barron’s Top 100 Independent Advisor list.
