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Friday, November 20, 2009
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Succession Planning
For good reason, most financial advisers prefer internal to external transitions when planning their business' succession.
Although succession planning involves many decisions and alternatives, there is one outcome that is always an either/or option: Ownership of the practice will pass either to a family member or to an outsider.
If you ever wondered what would make your independent brokerage or financial planning business attractive to a buyer, ask me.
Because the value of most advisory practices is tied in varying degrees to cash flow, revenue and assets advised, most firms are probably worth less today than they were at their peak a year ago.
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