Denver (Sept. 15, 2004) — It’s a seller’s market for financial advisory firms, but the sellers might not be who you’d expect, an expert on the buying and selling of practices told attendees at the Financial Planning Association’s annual conference this week.
“When we started FP Transitions five years ago, we thought most people would retire at age 65 or 70,” said David Grau, president of Business Transitions LLC, which matches buyers and sellers for advisory firms, accounting firms and insurance firms. “However, we found that most people who are still in the business at 65 or 70 want to stay in the business and don’t plan to retire. Most sellers are around age 55, and most of them list their practices for sale with less than six months of advance planning.”
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