Figuring out how much your business is worth is both an art and a science. Once you understand the five principles of practice valuation, follow these steps to determine an appropriate price range
Arriving at a fair value for your practice is one of the most critical aspects of succession planning because it has a major impact on both an emotional and a financial level
A well thought-out business plan will take you further than arbitrary growth targets set with no strategy for reaching them. These paths toward growth carry varying degrees of risk
An advisor's 55th birthday and 25th anniversary in the business inspires questions about the development of a succession plan. The best advice combines the benefits of early planning with the reality of life
Once you have identified the quality that sets you apart from the crowd, your next challenge is to tell your story to your target market. Try this four-point approach to reach as many quality prospects as possible
A checklist can help you decide which factors are the most important when you are considering purchasing a well-established practice. What is key is to keep your own priorities firmly in mind
When asked by prospects to explain what differentiates you from your competition, chances are your answer will sound all too familiar. This five-step process can help you identify and articulate your unique strengths
A young advisor set out to build a practice to which retiring advisors would be proud to transfer their clients. The result is a “virtual office” practice that serves a niche market and has low costs, growing assets under management and recurring revenue
A young advisor set out to build a practice to which retiring advisors would be proud to transfer their clients. The result is a "virtual office" practice that serves a niche market and has low costs, growing assets under management and recurring revenue
If your practice is growing beyond your ability to maintain a high level of service for your clients, you may need to hire someone to manage the people, the processes and the projects of your business