How did you hear about the Succession Link community? Read about it in industry magazine or online magazine, I think.
Tell us a little about your experience on the platform and what it’s been like for you since signing up? Platform was fairly easy to use. Only negative were lots of non-qualified or bad fit inquiries.
So, when did you first engage with the eventual buyer? January 2018
What's one important thing you learned during the negotiation process that you could share with our listeners? Do lots of research and consider using consulting firm.
What were the terms of the deal? (i.e. downpayment? (dollar or % amount), buyout term length?) The financial details are confidential, sorry but did receive most of price upfront with one year look back for balance (based on retention of revenue). Balance held in escrow account.
What does life look like for you over the transition period? Have one year consulting agreement that decreases each quarter. No immediate plans but will continue doing some volunteer work and probably go on short-term mission trip with our church. Will play a little more golf and do some traveling with my wife.
Will you be working alongside the advisor during the transition? Mostly in first quarter or two (meeting clients, going to office etc).
Do you have any big retirement plans once the buyout is complete? Other business ventures? No, just life at a more relaxed pace with a little less stress.
If there are any advisors out there who are contemplating joining the platform, maybe they’re unsure, could you give them a piece of advice? I'd suggest they join the platform once they have a clear desire to sell business and have an idea about it's value , etc.
Any other tips you could give to sellers on how to effectively utilize the platform based on your experience? Be as specific as possible about your firm and the type of buyer you're seeking.