One of the main topics I hear about when talking to Financial Advisors, and something that comes up at every conference I have attended, is the topic of succession planning and the process of buying another Advisors book of business. Virtually every time I see that there is a speaker on this topic, it is standing room only, so it seems that this is an area of significant interest. I would say the process from both sides is part art and part science. The numbers have to work but even beyond that there are so many other moving parts that need to fit in order for the merging or acquiring of a book of business to be a success. With that in mind I wanted to interview someone that I know has been through this process successfully a number of times to get their insight. Mark Berger with The Berger Financial Group has been through this process many times and has done so with a wide variety of practices. Mark was gracious enough to sit down with me for a few minutes to chat about his experiences. Regardless if you are looking to try this for the first time or are experienced yourself, I think there are some valuable pieces of information that come out of our conversation. I hope you enjoy Episode 1 with Mark Berger.
Some questions I ask:
- What is the best first step to increase the opportunity for success?
- How do you source “deals” or find interested parties?
- How do you negotiate terms and conditions?
- Has it gotten easier with experience?
- Is this something you are looking to continue to do?
In this Episode, you will learn:
- The importance of personalities and culture blending
- Methods of funding a purchase
- How to model the acquisition to fit the other party
- Specific terms and conditions that if missed can cause issues down the road
Mark Berger and The Berger Financial Group contact links:
- Office: (763) 746-2666