YOUR BUSINESS
ise of ample business development and support services . So advisors need to be highly confident that their expectations will be met before they do deals .
Good word of mouth about the deals will help the acquirers , too , as they pursue new targets and partners . About a third of the satisfied advisors who sold or merged their firms said they recommended their acquirer or merger partner to other advisors . ( See Exhibit 5 ). A good reputation can create a more robust pipeline for an acquirer and win them more acceptance .
EXHIBIT 5
Did you recommend your acquirer or merger partner to other advisors ?
n Yes 28.9 % n No 71.1 %
N = 159 Advisors
EXHIBIT 6
Have you criticized the acquirer or merger partner to other advisors ?
n Yes 92.8 % n No 7.2 %
N = 159 Advisors
But keep in mind : More than nine out of 10 dissatisfied advisors have criticized their partners to other advisors ( Exhibit 6 ). Unhappy people tend to be vocal , and it ’ s likely bad news will steer advisors away from buyers or harm their reputation .
But much of a good relationship starts by managing expectations in the first place . If an acquirer overpromises and underdelivers , it ’ s detrimental to everyone involved . They need to be clear up front and make sure that a seller ’ s expectations are realistic .
JERRY D . PRINCE is the director of Integrated Academy , part of Integrated Partners , a leading financial advisor firm . RUSS ALAN PRINCE is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy . He has coauthored 70 books in the field , including Making Smart Decisions : How Ultra-Wealthy Families Get Superior Wealth Planning Results .
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JANUARY / FEBRUARY 2024 | FINANCIAL ADVISOR MAGAZINE | 31