Currently, there are substantially more buyers than available practices for sell. This has resulted in an ultra-competitive market. Finding the right practices to acquire takes time and can be a frustrating process for buyers. We encourage buyers to take a multi-faceted approach. Don’t depend on any one resource to source quality practices to buy.
Here are 5 tips for finding sellers.
- Are you positioned with the right broker dealer to help you acquire? If so utilize the their support and be the squeaky wheel. Make sure your support people know you are in acquisition mode and are seeking their help. The good ones will offer continuity plans, introduce you to other advisors who are considering retirement soon, and help with acquisition financing options.
- Matchmaking websites. While there are many more buyers than sellers on these sites it is cost effective to utilize them if you take a long term approach. Even if it takes more than a year the monthly costs are more than worth it if you are able to close a deal. Check out successionlink.com and advisorbid.com.
- Third party vendors. For dedicated retainer level seller sourcing consider a third party specialist firm. While this is the most expensive path, it is also the most likely way to get introduced to viable sellers. You’ll also be typically competing with a few other buyers instead of a few dozen. Check out Succession Resource Group (SRG) and Key Management Group (KMG).
- Go old school. Proactively and consistently reach out to advisors yourself. Utilize LinkedIn, current networks, and referrals to build your own pipeline of future acquisition targets. List brokers sell city and state lists and many firms will list their advisor profiles on their websites. Set up in person meetings, remember to follow up, and continue to work your pipeline.
- Get on the free Advisorbox buyer list. We don’t charge a fee to be on our buyer list. When we have a seller seeking to get matched with buyers we generate our buyer candidates from this list.
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