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I did a LOT of research when I made my firm. Using your name (or any proper noun) costs you anywhere from 10-15% of value when you go to retire/sell.
I’m 40 too. When I retire I hope I have built something that can live on past me. If it has my name on it, that drastically lowers that chance. If I do it right, I can be bought out by an advisor in my firm. That name gets to stay because everyone is branded to it. While it does happen (Schwab, Morgan, et al) it’s unlikely.
Sounds like you know the pros and cons of each. Ego vs generic name
Can u have a generic name for the overall business and then keep the individual team names the same for a period of time and slowly integrate to the generic name over time? What do most do in this situation?
However, my primary discussion will focus on branding, rebranding and consolidating to one name. I'm not concerned about losing clients, but what issues might I want to consider? My established business uses my last name and the other businesses use the last names of their founders. As there are employees and advisors associated with the other sister-practices, how important will it be to choose a more generic name or should I keep my name? I'm 40, so have a lot of years, but risk alienating potential advisors that would otherwise wish to affiliate with me.
Thanks.
WF, there will be a multi-year transition (at least I'm confident in that).
Managing Partner, I did lose out on a good person not joining my team because of my last name on the door and I've reached the point where my name on the door matters less to me than surrounding myself with good, high-integrity people.
The initial reaction confirms my gut. Gotta find a meaningful generic name especially if I want to keep growing.
Just to play devils advocate here... your name can be the brand ie Edward Jones, Morgan Stanley etc. it really depends on how you market it and what your end goal is. I went with Morris Financial Services because I want my people to know they are becoming part of the family. Some advisors are ok with it, some aren’t. Generally the ones that aren’t are more interested in doing there on thing and i encourage them to go direct to bd or other OSJ. My end goal is yo grow boutique offices of accounting and investments throughout SE. What’s Your goal?
I plan to continue my expansion of planning and tax offices throughout WI and perhaps beyond. So if I am going to make a change, it will be much easier now. I just no longer feel my name has to be attached for it to be a success. Nor am I in a hurry to drop the old names for sake of potential appeasement.
Thank you for making an argument for the opposing viewpoint.
Why not create a new brand with both names. Like a law firm. Smith-Jones. Send out a letter to all clients explaining the merge and everyone can feel like they’re a part of the new firm
Thanks, Foresight, but your idea is least desirable as I currently am in discussions to purchase 4 more businesses. That could quickly turn into a SNL skit name if we kept all the names. We had discussed it last year with the first merger, but now with a glut of almost retireds.....