With all the gossip about who’s selling and for how much, it can be difficult to know what to believe. If you’ve ever said (or even thought) any of these things, then this blog is for you. It’s time to squash the fake news, myths, and lies, and focus on the truth.
I’m selling my business...time to retire!
News flash: you’re not really selling your business; you’re still going to work. Clients trust the advisors they have built relationships with and expect you won’t abandon them just because you sold. By selling and staying, you get to take advantage of the perks of selling and watch your business succeed from the front seat. Additionally, not all mergers and acquisitions even require selling 100% of your business.
My business is worth a lot.
Your business is (probably) not worth what you think it is. Despite what your mother tells you, you also (probably) are not special. Every business owner thinks their business is special because building it involved their blood, sweat, and tears. You should be proud of your work, but you also need to be realistic when negotiating with potential buyers. Don’t let the perfect buyer walk away because your ego is clouding your judgement. Rely on outside perspectives to assess the value of your business and do your research so you understand how your business truly stacks up against other RIAs.
I know my buyer.
Deciding to sell to the first buyer that comes along is like marrying your high school sweetheart…eventually no one is satisfied. Don’t settle. You need someone who is going to help you and your business grow! Take the time to explore your options even if you think you have already found what you were looking for. A different type of buyer may be able to better meet your clients’ needs or have the resources you did not know you needed.
Now that you have heard the truth and faced reality, are you ready to sell your RIA? Contact Freestone.