Succession Planning: Buy/Sell Practice

I posted this in another bowl with no engagement: I’m looking for input on some questions I should be asking as I’ve been approached to be the successor advisor on an RIA. Anyone here with experience?

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I’ve only known people who bought books from advisors retiring, none to join as a successor where the advisor was staying on for another 5 or so years.

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I’ve only known people who bought books from advisors retiring, none to join as a successor where the advisor was staying on for another 5 or so years.

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structure the deal so you are not buying your clients. what i mean is: the RIA manages 120 mill and you have 50 mill under management with the RIA. you are only buying 70 mill. i walked away because the owner refused to acknowledge my clients were with the RIA because of me and i wasn't going to pay him for my clients

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Chip away at ownership over those 5 years. Maybe allow the first 2 to pass, but don’t wait until year 5 to strike a deal.

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Are you asking for advice on how to structure the succession, or generally how to vet a company and see if you’re a good fit?

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More in general what questions would you have asked knowing what you do now.

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