Whether you’re considering selling or acquiring, it’s important that you plan carefully – consider your options, determine the challenges, obstacles and potential roadblocks and build your strategy.
All of this should all come together in your transition plan.
From the buyer’s perspective, the impact of a new acquisition/merger should be fully factored into the current business – how will it affect financials, clients and staff? How easily will the two businesses integrate in terms of culture, products, investment philosophy, platforms, software, fee structures and so on?
From the seller’s perspective: the sooner you create your plan, the better. This is especially true with multi-principal businesses, where the absence of such a plan could cause unnecessary hardship for the remaining principals and their families.
An effective transition plan will:
- Provide the roadmap for both seller and buyer. And, in doing so, it will give comfort and confidence to all parties that they have a plan that will work.
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