Kitces and Carl - Real Talk for Real Financial Advisors
Should Internal Succession Plans Provide A G2 Discount For Lack Of Affordability?: Kitces & Carl Ep 136
Apr 18, 2024
Kitces and Carl discuss challenges in internal succession planning for financial advisors, including valuation complexities, buyer and seller approaches, and the importance of fair pricing. They delve into the impact of education and bank financing on buying advisory firms, as well as strategic approaches to gradual internal successions for financial stability.
35:28
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Quick takeaways
- Negotiating internal successions involves balancing analytical tools and intuitive approaches to enhance advisor services.
- Understanding pricing factors and potential discounts is crucial in negotiation for internal succession deals in advisory firms.
Deep dives
The complexity of setting a price in internal successions
Negotiating the price in internal successions between a buyer and seller in the financial advisory field can reveal challenges in reaching an agreement. While one party may rely on analytical tools like spreadsheets, the other may use a more intuitive approach such as drawing with a Sharpie. Despite differing methods, both individuals are united in their goal of enhancing services for financial advisors. The importance of intentionality in business development and ensuring a work-life balance also emerges as a key theme.
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