Due to the complex nature of buying and selling advisory practices, it is wise to begin thinking through this process from a wide lens and to develop a strategy for what you are ultimately trying to accomplish.

Additionally, as the stakes are getting higher and independent investment advisory firms are becoming more and more valuable; having a long-term strategic approach is warranted.

Instead of simply responding to opportunities that present themselves, business owners should clearly evaluate their own strategy in buying or selling.

As part of this strategy you should develop promotional materials about your practice – your client profile, business processes, practice profile, financial data, sources of revenues, methods for marketing, staff biographies and responsibilities, etc. Having these materials in place will convey to the other party that you are serious about your intentions and reduce the time required to conduct necessary due diligence.

A deliberate process beginning with a clear cut strategy will greatly enhance the probability of success.