Poised for Exit
Welcome to the Poised for Exit podcast! Poised for Exit is an under 30-minute strategic planning guidance podcast for busy small business owners. Each week you’ll hear certified exit planning advisor, Julie Keyes, talk with a range of entrepreneurs and professionals about preparing your business for a future transition. Guests at every stage of company ownership will share their personal stories and lessons learned about topics such as the anatomy of the exit planning process, developing a growth strategy, how to sell on your terms, exit planning for women small business owners, handling business diversity, and how to sell a family business. Whether you’re planning an exit in the near future or not, this show will provide you with the same action-oriented content that Julie utilizes while consulting with Keyestrategies clients. Building an exit strategy can be overwhelming, especially with all the decisions and details you have to consider. “Poised for Exit” will simplify the process and help you unwrap the unknowns, giving you more confidence in your planning process. Previous episodes are available for download, so if you are new to our show, you can listen to them in any order that suits you. Join us each week for timely, relevant content that will surely impact your business exit outcome! Subscribe to our newsletter below to receive your weekly episode link and stay updated on new strategic planning content. Find “Poised for Exit” on Spotify, Apple Podcasts, Google Play, iHeart Radio, Amazon Music, and others. Thank you to our Sponsors: Sunbelt Business Advisers and JAK CPA's. A special note of thanks to Tyler Keyes who produced the music for the “Poised for Exit” show.
Poised for Exit
Selling a Financial Advisory Practice: A Former Financial Advisor Shares Tips and Advice
Selling a Financial Advisory Practice: A Former Financial Advisor Shares Tips and Advice
Our guest today was Steve Juetten, CFP and Founder of Bridgegate Partners, a firm who specializes in succession and exit for owners of financial advisory practices. Steve's background in M&A prior to becoming a CFP really gave him a great window on how to prepare when the time came for him to sell his practice. He decided through the lessons that he learned along the way, that advising other firm owners was a great way to sunset his working career.
Steve said that figuring out "what's next" was one of his biggest hurdles, when after finishing his own process, decided he could help others with the process to have better outcomes. His focus was to make sure the transition benefited all parties: clients, colleagues, staff, and the buyer- not just himself.
Many times, owners of financial practices believe their Book is worth more than it actually is. Not knowing how to value the quality of the Book is the biggest obstacle. Steve helps them understand the true value, and helps them achieve their best outcome, even when their RIA says they will 'help' with the transition. The truth is, Steve says, they don't care, as long as the assets under management and clients stay in place. In other words, an outgoing advisor needs outside help. And, there are far more advisors at 65 years and older than there are advisors young enough to buy their books of business, so make sure you have a buyer-ready business to sell.
Steve offers a free resource for advisory firm owners. It can be downloaded here
Listen to the episode here
Connect with Steve here and Julie here
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor