There are ever increasing numbers of advisors who believe the greatest opportunity for them to grow is to acquire or partner with another practice. There have been studies published indicating the ratio of buyers to sellers is 50 to 1. For advisors interested in buying another practice one of the first steps is to self-assess to better understand your readiness. This assessment is critical because it is a seller’s market and you will likely be competing with a large number of other buyers including some institutional buyers. Your assessment will not only help you distinguish yourself but will also better position you to be able to sell your value add as to why someone should choose you as their succession plan.
If you are interested in buying practices and haven’t independently assessed your readiness, then Bridgemark Strategies can help you identify your readiness but more importantly your strengths and weaknesses as compared to a very competitive market.