Business Book--One of today's "hot" topics and a relatively new type of transaction in the financial services industry is the buying and selling of financial advisory practices or books of business.
Many financial advisors and planners are looking to grow their businesses by buying a practice; others are looking at selling their practice and building a succession plan. The book will cover issues of interest to Canadian and U.S. advisors, including: Methods of valuing a financial advisory or planning practice
Factors that increase and decrease the final price
Preparing your business to get the highest selling price
Finding a practice to buy
How to assess a business being offered for sale
Setting the terms
Source of financing
Developing a successful transition plan
Checklists and worksheets for self-assessment
Sample forms and agreements, including a purchase agreement, promissory not, non-compete agreement, and more.
In Buying and Selling a Book of Business: What Every Financial Advisor and Planner Should Know, Sandra Foster examines the buying and selling of financial advisory or planning practice; from finding an interested buyer or seller, establishing the purchase price, negotiating the terms of the deal, planning the transition, integrating clients into an existing practice, and other ideas everyone involved in the transaction--buyers, sellers, and their professional advisors (accountants, lawyers)--should consider, regardless of which side they are on.