Practice acquisition is an effective growth strategy, allowing you to add more clients and increase your asset under management. However, it is only a good idea if your current practice fits the necessary criteria.
In other words, are they ready for such an important step? There are five questions to answer before a practice acquisition should be considered.
If you answer “yes” to the above questions may be ready to move forward. However, they still need to consider whether they have the financial means to buy another practice and make necessary investments in infrastructure, technology, and staff.
If conditions are right and your client is ready to move forward, you must identify the ideal practice to acquire.
There are more things to consider at this stage:
• Type of practice (services offered, specializations, client profiles)
• Practice size (# of clients/staff)
• Practice location
• Ideal price
• How well you can capitalize on the new opportunity
It takes great skill and experience to develop a practice acquisition plan and guide clients through the entire process. Fortis Lux stands ready to partner with you to provide essential business and financial services to serve you and your clients.
This information is for educational purposes only. This is not intended to provide and cannot be relied upon as, legal or tax advice. We suggest that you consult with your own legal and tax professional as part of this process. Any legal agreements entered into with other financial professionals are soley between you and those individuals.