Transaction Advisory, Investment Management
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December 16, 2019

Will Your Succession be Successful?

A Few Things RIAs Need to Know

We’ve hesitated to put together a whitepaper on succession planning because so many people have already written excellent commentary on the topic. Nonetheless, when we surveyed what had been written about succession for RIAs, we didn’t see the kind of nuts and bolts explanation of the corporate finance aspects of succession.

The industry is facing at least three major factors: an aging ownership base, an aging bull market, and – paradoxically – an exponential increase in the sources of capital to sell, grow, or transition. Despite the headline emphasis on consolidation, investment management is still an apprenticeship business model and, therefore, internal succession will be the order of the day for most firms.

We hope you will find our whitepaper on the topic both unique and useful. We are here to help you succeed at succession. Click the whitepaper below to download.

>>Click Here to Download<<

 

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The Silent Risk in Many RIA Succession Plans
The Silent Risk in Many RIA Succession Plans
In this article we discuss four of the most common “silent risks” embedded in otherwise well-intentioned succession plans.
Medical Device Industry Outlook – Five Long-Term Trends to Watch
Medical Device Industry Outlook – Five Long-Term Trends to Watch
Demographic shifts underlie the long-term market opportunity for medical device manufacturers. While efforts to control costs on the part of the government insurer in the U.S. (and elsewhere) may limit future pricing growth for incumbent products, a growing global market provides domestic device manufacturers with an opportunity to broaden and diversify their geographic revenue base. Developing new products and procedures is risky and usually more resource intensive compared to some other growth sectors of the economy. However, barriers to entry in the form of existing regulations provide a measure of relief from competition, especially for newly developed products.
Internal vs. External Valuations for RIAs
Internal vs. External Valuations for RIAs
Internal and external RIA transactions often reflect different economics beneath the headline multiples. While external buyers may justify higher prices through synergies and lower cost of capital, internal transitions can strengthen succession, reduce key person risk, and enhance long-term value.

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