7 Superb Books on Exit Planning for Financial Advisors
DEAR ADVISORS,
If you’re thinking about selling your advisory firm, or growing through acquisitions, getting started on this reading list is an absolute must! These are some of the best books on succession planning in our industry, by authors like David Grau Sr. who started FP Transitions, and Mark Tibergien, who was the CEO of Pershing Advisor Solutions until June of last year. I’m re-reading one of my favorites right now and I always learn something new!
Succession Planning
How to Value, Buy, or Sell a Financial Advisory Practice: A Manual on Mergers, Acquisitions, and Transition Planning by Mark C. Tibergien & Owen Dahl
Succession Planning for Financial Advisors by David Grau Sr.
Buying, Selling, and Valuing Financial Practices: The FP Transitions M&A Guide by David Grau Sr.
Success and Succession: Unlocking Value, Power, and Potential in the Professional Services and Advisory Space by Eric Hehman
How to Build an Advisory Business worth Selling
Practice Made (More) Perfect: Transforming a Financial Advisory Practice into a Business by Mark C. Tibergien & Owen Dahl
The Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm by P. Palaveev
G2: The Next Generation by Philip Palaveev
What’s Missing from this Reading List - The percentage of advisory firms that successfully transition to the second generation (G2) is very low. The percentage that transfer to the third generation (G3) is close to 0%. Part of the problem is the voices of G2 and G3 are not getting heard! All the authors on this list are entrepreneurial business owners, which is the voice of G1. If you want your succession plan to work, you need to be more in tune with what the next generation is thinking and feeling.
Also, there aren’t any books on Continuity Planning for Advisors. Having a Hit-By-The-Bus Plan is just as important, if not MORE important than having a succession plan. If you don’t take time to train up your successor, at least you can sell your firm to a third party. But if you don’t have a Continuity Plan, your business is worth pennies on the dollar. We need more books on how to avoid that outcome!
Many highly-qualified advisors my age have been hired for the sole purpose of becoming an older advisor’s succession plan, only to have it all fall apart in their hands because the owner isn’t ready. Additionally, I have yet to find a book on exit planning for advisors that is written by a woman!
Writing a book about continuity planning from the perspective of a younger, female advisor is definitely going on my bucket list of things to accomplish before I turn 40! In the meantime, be sure to subscribe to my blog and our YouTube channel, to get weekly tips on exit planning, from a fresh perspective. My calling is to help you secure the future of your family and your financial advisory firm!
Warm regards,
Brooklyn
P.S.
At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Click here to schedule an initial phone call with our team today or get to know me on my bio here!