Ep 67: Deal Structures that Work for Successful Practice Transitions

Financial Advisors Want to Know: Deal Structures that Work for Successful Practice Transitions - Ep 67 John Turner

Welcome to the Financial Advisors Want to Know Podcast, I’m Catherine Tindall a CPA with Dominion where our focus is helping financial advisors navigate income tax planning and compliance for their firms.

John Turner serves as VP, Investment Advisory Lending at Live Oak Bank. John joined Live Oak Bank with over 35 years of experience in the financial services industry. Over the years John garnered experience buying, brokering, or financing over 600 deals.

Podcast Takeaways:

Revenue doesn't pay for deals, profit does. Advisors should focus on boosting profitability to make themselves more bankable and attractive for potential deals.

The "Five C's" - Cultural fit, Capacity, Capability, Character, and Capital - are crucial factors for buyers to demonstrate to potential sellers in a competitive market.

For sellers, boosting practice value involves maximizing recurring revenue and strategically managing client demographics, including retaining heirs of older clients to build long-term equity.

Internal succession planning, involving second-generation advisors, often results in smoother transitions and can be more attractive for financing options.

Preparing for a transition involves readying the business, the junior advisor (G2), the clients, and the staff to ensure a seamless and successful transfer of ownership.

Connect with John:
https://www.linkedin.com/in/john-turner--live-oak-bank/
https://www.liveoakbank.com/business-loans/professional-services-firms/investment-advisory/

Connect with Catherine:
https://www.linkedin.com/in/ctindallcpa/

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