In order to build any kind of enterprise value, to be worthy of receiving some sort of buyout when you retire, you have to build a business not a practice."
Charles Farrell, CEO, Northstar Investment Advisors
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Untangling Ownership: Succession Strategies for Firm Partners
Danielle Andrus | Think Advisor, February 2014
Read the article online >Summary: To prepare a valuable succession plan that will take their firm into the future, advisors have to begin at the beginning and build a business instead of a practice, according to Charles Farrell and Fred Taylor of Northstar Investment Advisors. Regardless of an advisor’s exit strategy, it won’t work if he can’t detach himself from the firm.