Financial Advisor Success Ep 125: The Upside Opportunity Of Finding Out Your Advisory Firm Is Being Sold with Sabrina Lowell
May 21, 2019
Sabrina Lowell, a Certified Financial Planner™ and co-active coach, shares her journey from Mosaic Financial Partners to Private Ocean. She discusses the collaborative process of selling a firm, emphasizing the importance of cultural fit and client communication. Sabrina reveals how they vetted potential buyers using core values and her experiences maintaining client relationships post-sale. She also dives into the challenges of business development and the need for online presence, offering invaluable advice for advisors facing succession planning.
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Early Inclusion Reduces Sale Panic
- Mosaic involved its management team early and used transparency to prepare staff for a potential sale.
- Early inclusion made the eventual transition collaborative and less panic-driven.
Filter Buyers By Core Values
- Use your firm core values as hard filters when vetting potential buyers to find cultural fit.
- Define must-haves like fee-only status and planning focus before engaging buyers.
Culture Drives Long-Term Deal Value
- Quantitative offers matter but qualitative fit determines long-term retention of staff and clients.
- If philosophies and service models clash, client and staff attrition will erode the deal value.