Selling a Financial Planning Business

A financial planning business is very helpful entity that helps a certain entity or individual deal with their finances effectively. Starting and managing financial planning business is not easy. On the other hand, there will come a time that you will retire, migrate to other place, try other venture.

This can be challenging because you need to find the right buyer, price of the business as well as handling the financial and legal process associated with the selling.

Assets of the Business

Before you sell your financial planning business, it is significant to know the things you will include on the sale. This seems to be an obvious factor but it should be included in the contract such as tangible and intangible things. Tangible items consists financial planning software, computers, office building, equipment, furniture and marketing materials. Intangible items such as intellectual property rights like trademark, copyrighted materials like financial planning workbooks you made for the clients. You need to decide if sale contains your lists of your former and present clients as well as the prospects.

Information about the Company

When someone seems to be interested to buy your financial planning business, it is very effective if you can give a detailed presentation about your company. This gives the buyer a glimpse on how to run the company and still able to provide the same service that you used to provide to your clients. For previous owners of such business, a stable run of the business is still important even if they are not the owners anymore.

Determine the Sale Price

Calculating the price of your financial planning business is also important. In general, you need to hire a professional Certified Public Accountant (CPA) or an expert business appraiser that can help you determine the value of your business. The worth of the business for sale should be based on the assets you have like the tangible and intangible. Make sure to include the projected growth and financial history. The CPA or appraiser can also take the past profit growth and project it in future to get the real and fair value of business.

Find Buyer

The next thing to do after assessing the value of your business is to find the right buyer. You can choose to sell the business by yourself or get the service of a business broker that can help you sell your business. One of the main benefits of hiring business broker is they can surely help you find the ideal buyer. He can also find a buyer that suits to your price. Business broker usually act as a third party that will help you negotiate with the buyer. There are various ways on how you can market your financial planning business for sale such as newspapers, classified ads and online.

Close the Deal

Closing the deal can be a challenging because it requires significant documents that needed to be accomplished to seal the deal. Make sure to have a dependable and trustworthy lawyer that will help you make a contract.


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