I’m helping an RIA owner think through succession/sale options and would love some advice from people who’ve been through it.
The firm has about 30 years of clients and is pretty well systemized for the industry, but like a lot of firms it’s a bit of a mix under the hood .. some older tech, some newer systems, and a team where some people have been there 20+ years and others just a couple of months.
They’re weighing up family succession vs selling the firm, and there are a lot of factors in play.
I come from a different professional background, so I want to make sure I’m pointing them in the right direction. From the outside it looks like succession can be a bit of a minefield — emotional, operational, financial — and people often underestimate it.
For anyone who’s been through this:
• What are the biggest mistakes firms make?
• What should they focus on early to protect value?
• Anything you wish you’d known going into it?
Really appreciate any insights or war stories.