Practice Acquisition Checklist for Success
Sellers on average have between 40 and 50 interested candidates, but less than 10% of these potential buyers are qualified and ready. With so much interest and competition for practices, if you are serious about adding acquisition or mergers to your growth strategy, it is important to ensure you are prepared, organized, and committed. Given industry demographics and projections for the financial services industry, advisors looking for an exit are out there, and the number will only continue to increase every year. The following checklists are designed to help ensure you have a robust set of marketing channels being leveraged, that you are deploying your strategy consistently, and that you have the infrastructure in place to close the deals as you build your pipeline. Created by RIA M&A experts and divided into three parts, these checklists cover the three initial stages of your acquisition strategy, starting with preparing internally, deciding on your seller marketing goals and strategy, and finally tangible recommended sourcing strategies. DOWNLOAD NOW
Contingency Planning Checklist
Make the Uncertain Certain. As an advisor, one of the most important things for you, your clients and your business, is to create a plan in case of your untimely death/disability/loss of license. This will ensure your clients are taken care of in your absence and that your receives the value of your business compliantly. Creating a contingency agreement is a crucial step to planning for the unexpected – but it isn’t the only step. One of the most overlooked elements to create a viable contingency plan to ensure your business lives on beyond you, is to have considered the operational elements of transferring a business quickly and in your absence. Our Contingency Planning Checklist identifies the most critical items advisors should be thinking about and preparing for now. DOWNLOAD NOW
Due Diligence Checklist
Stay on track. Whether you decide to buy or sell a financial advisory practice, it can be complicated and there will be many moving pieces to keep track of and negotiate. Succession Resource Group’s Due Diligence Checklist provides a comprehensive list of some of the most commonly asked for items to review before buying/selling a financial services practice. As you negotiate a deal, due diligence periods typically range between one week up to four weeks, so it is important to make sure you have a reliable list of items to review before consummating a purchase. Using this checklist as a guide with your attorney/accountant, you can be sure you review at least the basic components of the practice and know who you are considering doing a deal with before final negotiations and signing a purchase/sale/merger agreement. DOWNLOAD NOW
