Even if you don’t plan to sell, adding value is never a bad idea
It might be flattering to get an out-of-the-blue offer to purchase your practice. But before deciding whether to begin serious negotiations, here are several factors to consider. Remember, price is not the sole issue
Look beyond the price of your business
Find out how your practice compares to others in the market
If you want to be a successful buyer in a seller’s market, you must stand out against all the other advisors who might also want to bid on a practice that is for sale. Position yourself as the buyer of choice well in advance
Get an endorsement from the exiting advisor and listen to your clients
When it comes to selling a financial advisory practice, the traditional definition of fair market value does not apply. Intangible assets such as goodwill and future earning potential come into play
