Succession is an Adoption, not an Acquisition

Adam Solano says “Over the years as I have raised my family and built my practice, I have posited this theory with many colleagues and small business clients of mine and I have never encountered disagreement:  We bond with our businesses like a member of the family.  In many cases it is our first-born child that never emancipates.”  It is with this mindset that he has both personally “adopted” businesses as well as helped his business owner clients with their own transitions.

Adam has both personally “adopted” businesses as well as helped his business owner clients with their own transitions. In this fast-paced and ever-changing industry, get unique advice from this respected industry veteran who has experienced many financial practice adoptions, and who will reveal the things he has learned and what he wishes he had known sooner!

What Advisors Think of this Session

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We asked participants: What’s the one best thing you learned from this presentation? What are you going to do differently in your business now that you’ve heard these ideas?

“Start building relationship with clients as well as their families. Very glad to attend the Webinar from someone who is knowledgeable and relational person.” -Francine Naas

“Importance of relational equity. Try to automate review mtg requests.” -Maria Chalmers

“I learned that I can do what Adam is doing. I made notes of person I’m going to call yet today and talk to them about business ideas.” -Dan Cairns

“Adoption………not an acquisition. Begin planning for succession now.” -Robert Mance

“Structuring the sale. Continue to build on recurring revenue. You guys rock!” -Gail Van Nest

“Look at all the information on the deal first.” -Greg Nelson

“Emotion is a big part of the sale. Think about what type of practice I actually have.” -Tom Schmidt

“Love the Power sessions.” -Doug Fisher

“A good way to open fair and productive dialogue on this subject with quality individuals. Use what I have learned to enhance a relationship I have put in place to start this type of transition. Thank you for this excellent presentation. It has been difficult to find good information on practice transitions.” – Anonymous

“That one doesn’t have to have a cash outlay to purchase a practice, but should be with the same BD etc and the other person to remain licensed. It’s only because I’m not actively looking to purchase a practice that I’ll decline being the very first to receive notification of Adam’s book, not because of the content of it. Thank you as this was an interesting call.” -Tonya White

“Focus on process rather than product. Make sure my processes are current. It was an informative webinar.” -Alan Farley

“Work & use technology & have systems & virtual asst. Use technology.” -Thomas McFadden

“Many thoughts I had not considered regarding selling and acquiring a practice. Give thought to selling a practice.” -Sarah Kerr

“The Favorite and Best Clients slide. Be more aware of the planning and service we may do with prospects.” -Robert Snyder

“Know who you want to work with if you buy their business.” -Barry Moore

“Value of simple L&H business. Continue working on College Funding Workshops and helping Mature clients and their children.” -Roger Relfe

“I’m nearly at the point in my career to turn it over to someone else and ideas were shared with the five people. Keep my eyes/ears open for opportunities to potential buyers of my agency.” -Michael Campbell

“Introduce the process not products Family 50% always….great insulation/retention of the business. Keep doing what you’re doing!” -Tracy Kennedy

“Start with the end in mind. Great as always!” -Drew Powers

“I appreciated the authenticity of the presenter and hearing about how to transition a practice. I will begin the process of planning for the transition of my business.” -E. Lee Deskins


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