I took over a business from a colleague last year that has worked out very well for both of us so far (as well as the clients I now serve). The existing relationship I had with the seller allowed us to quickly and smoothly come to terms on a mutually beneficial arrangement. Listen to the details, which included NO down payment and tax advantaged payments for me.
There is a lot of talk about buying and selling advisory practices, but what if you're not ready to sell? There are other ways to get value from your business as you get older.
Chad bought a practice to make the transition from wholesaler to advisor. He also converted much of that practice from brokerage to advisory and shared a few lessons learned from his experience in this week's episode.
Considering buying a financial advisor practice to increase the size of your business? In this episode, I talk about the ins and outs of purchasing a book of business and how to make it a successful transition for you and the seller.