One of the fastest growing opportunities for advisors who are committed to growing their business is the acquisition of retiring advisors’ businesses. In the 1980’s and 1990’s thousands of advisors started new businesses, and these are all now coming of age with advisors who are eager to sell. There are few opportunities more motivating to a growth-oriented advisor than the chance to add hundreds of new clients to their practice funded by a declining pay-out over 4-5 years. Unfortunately, there is more to acquiring a practice and benefiting from the acquisition than many advisors assume. In this deep-dive Ken looks at the challenges of acquiring a business that is actually worth buying, and provides guidance on asking the kinds of questions early in the process that reveal the quality of the business that is being offered – and the ability of the advisor who is offering it to partner well over the time it will take to transition the clients into the new practice.
Also in this episode, the AllianceBernstein Digital Coach – see practice management solutions for advisor success: abfunds.com/go/digitalcoach
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