{"product_id":"buying-selling-and-valuing-financial-practices-website-isbn-9781119207375","title":"Buying, Selling, and Valuing Financial Practices, + Website","description":"\u003cp\u003e\u003cb\u003eThe Authoritative M\u0026amp;A Guide for Financial Advisors\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eBuying, Selling, \u0026amp; Valuing Financial Practices \u003c\/i\u003eshows you how to complete a sale or acquisition of a financial advisory practice and have both the buyer and seller walk away with the best possible terms. From the first pages of this unique book, buyers and sellers and merger partners will find detailed information that separately addresses each of their needs, issues and concerns.\u003c\/p\u003e \u003cp\u003eFrom bestselling author and industry influencer David Grau Sr. JD, this masterful guide takes you from the important basics of valuation to the finer points of deal structuring, due diligence, and legal matters, with a depth of coverage and strategic guidance that puts you in another league when you enter the M\u0026amp;A space. Complete with valuable tools, worksheets, and checklists on a companion website, no other resource enables you to:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eMaster the concepts of value and valuation and take this issue “off the table” early in the negotiation process\u003c\/li\u003e \u003cli\u003eUtilize advanced deal structuring techniques including seller and bank financing strategies\u003c\/li\u003e \u003cli\u003eUnderstand how to acquire a book, practice or business based on how it was built, and what it is capable of delivering in the years to come\u003c\/li\u003e \u003cli\u003eNavigate the complexities of this highly-regulated profession to achieve consistently great results whether buying, selling, or merging\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eBuying, Selling, \u0026amp; Valuing Financial Practices \u003c\/i\u003ewill ensure that you manage your M\u0026amp;A transaction properly and professionally, aided with the most powerful set of tools available anywhere in the industry, all designed to create a transaction where everyone wins—buyer, seller, and clients.\u003c\/p\u003e \u003cp\u003eForeword xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePreface xv\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFor Sellers xv\u003c\/p\u003e \u003cp\u003eFor Buyers xvi\u003c\/p\u003e \u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The Basics You Need to Know 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAvoiding the Critical Mistakes 1\u003c\/p\u003e \u003cp\u003eValuation: The Great Debate 4\u003c\/p\u003e \u003cp\u003eAssessing What You Have Built (or Are Acquiring) 6\u003c\/p\u003e \u003cp\u003eWho is Selling? Transition Strategies by Ownership Level 11\u003c\/p\u003e \u003cp\u003eOvercoming Attrition: Public Enemy No. 1 14\u003c\/p\u003e \u003cp\u003eWhat is Being Sold? 17\u003c\/p\u003e \u003cp\u003eOrganizing the Marketplace 20\u003c\/p\u003e \u003cp\u003eExit Plans versus Succession Plans versus Continuity Plans 23\u003c\/p\u003e \u003cp\u003eThe Planning Continuum 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Value and Valuation Fundamentals 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAn Overview 31\u003c\/p\u003e \u003cp\u003eWhat Creates Value? 33\u003c\/p\u003e \u003cp\u003eStandards of Value 35\u003c\/p\u003e \u003cp\u003eValuation Approaches and Methods 38\u003c\/p\u003e \u003cp\u003eThe Rule of Thumb Method of Valuation 46\u003c\/p\u003e \u003cp\u003eApplication of Standards and Approaches 48\u003c\/p\u003e \u003cp\u003eMaking Sense of It All 51\u003c\/p\u003e \u003cp\u003eWho is Qualified? (to Offer an Opinion of Value) 53\u003c\/p\u003e \u003cp\u003eValuations for Bank Financing 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Solving Valuation 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe \u003ci\u003eBlue Book \u003c\/i\u003eStandard 57\u003c\/p\u003e \u003cp\u003eLessons Learned 58\u003c\/p\u003e \u003cp\u003eA Value Calculation 60\u003c\/p\u003e \u003cp\u003eHow It Works 61\u003c\/p\u003e \u003cp\u003eRecurring versus Nonrecurring Revenue 65\u003c\/p\u003e \u003cp\u003eAssessing Transition Risk 66\u003c\/p\u003e \u003cp\u003eMeasuring Cash Flow Quality 68\u003c\/p\u003e \u003cp\u003eFixing the Fracture Lines 69\u003c\/p\u003e \u003cp\u003eThe Profitability Issue 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Building and Preserving Value toward the End of Your Career 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Get a Position Fix 77\u003c\/p\u003e \u003cp\u003e2. Focus on the “M” in M\u0026amp;A 78\u003c\/p\u003e \u003cp\u003e3. Obtain a Formal, Third-Party Valuation 79\u003c\/p\u003e \u003cp\u003e4. Understand the Impact of Terms and Taxes on Value 80\u003c\/p\u003e \u003cp\u003e5. Consider Alternative Strategies: Sell and Stay Opportunities 81\u003c\/p\u003e \u003cp\u003e6. Study \u003ci\u003eReliable \u003c\/i\u003eBenchmarking Data 84\u003c\/p\u003e \u003cp\u003e7. Create a Plan and a Definitive Timeline 85\u003c\/p\u003e \u003cp\u003e8. Have a Backup Plan 86\u003c\/p\u003e \u003cp\u003e9. Sell on the Way Up! 87\u003c\/p\u003e \u003cp\u003e10. Focus on You 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Preparing to Sell 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat’s Your Plan? 92\u003c\/p\u003e \u003cp\u003eFinding the Very Best Match 95\u003c\/p\u003e \u003cp\u003eWhen to Sell: Timing That Final Step 98\u003c\/p\u003e \u003cp\u003eIn a Nutshell: How to Sell Your Book, Practice, or Business 101\u003c\/p\u003e \u003cp\u003eThe Listing Process 107\u003c\/p\u003e \u003cp\u003eMaking a Quick Decision to Sell 112\u003c\/p\u003e \u003cp\u003eWhen Selling Isn’t Selling 113\u003c\/p\u003e \u003cp\u003eTen Things Buyers Will Want to Know 115\u003c\/p\u003e \u003cp\u003eHandling Key Employees during the Selling\/Listing Process 116\u003c\/p\u003e \u003cp\u003eLetting Go 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Buyer’s Perspective 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA New Direction 119\u003c\/p\u003e \u003cp\u003eIf at First You Don’t Succeed . . . 121\u003c\/p\u003e \u003cp\u003eBuild a Base for Acquisition 122\u003c\/p\u003e \u003cp\u003eWhat Sellers Will Want to Know 124\u003c\/p\u003e \u003cp\u003eUnderstanding the Audition Process 126\u003c\/p\u003e \u003cp\u003eAre You a Buyer or a Prospect? 133\u003c\/p\u003e \u003cp\u003eNontraditional Acquisition Strategies 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Deal Structuring: Payment Terms, Taxes, and Financing 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSeller Financing 144\u003c\/p\u003e \u003cp\u003eThe Shared-Risk\/Shared-Reward Concept 145\u003c\/p\u003e \u003cp\u003ePerformance-Based Promissory Notes 147\u003c\/p\u003e \u003cp\u003eEarn-Out Arrangements 148\u003c\/p\u003e \u003cp\u003eRevenue Sharing or Fee Splitting Arrangements 151\u003c\/p\u003e \u003cp\u003eEarnest-Money Deposits 152\u003c\/p\u003e \u003cp\u003eDown Payments 153\u003c\/p\u003e \u003cp\u003eBasic Tax Strategies 154\u003c\/p\u003e \u003cp\u003eInstallment Sales 156\u003c\/p\u003e \u003cp\u003eAsset-Based Sales\/Acquisitions 157\u003c\/p\u003e \u003cp\u003eStock-Based Sales\/Acquisitions 161\u003c\/p\u003e \u003cp\u003eBank Financing 164\u003c\/p\u003e \u003cp\u003eThe Mechanics of the Process 166\u003c\/p\u003e \u003cp\u003eBlending Seller and Bank Financing Together 169\u003c\/p\u003e \u003cp\u003eAcceleration Options 170\u003c\/p\u003e \u003cp\u003eWorking Capital Loans 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Due Diligence and Documentation 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConducting Due Diligence 176\u003c\/p\u003e \u003cp\u003eAssembling and Managing Your Team 181\u003c\/p\u003e \u003cp\u003eAdvocacy versus Nonadvocacy Approach 183\u003c\/p\u003e \u003cp\u003eDocumenting the Transaction 184\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Key Legal Issues in the M\u0026amp;A Process 197\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Exactly is “Boilerplate”? 198\u003c\/p\u003e \u003cp\u003eReps and Warranties 199\u003c\/p\u003e \u003cp\u003eCovenants and Conditions 202\u003c\/p\u003e \u003cp\u003eIndemnification and Hold Harmless Clauses 207\u003c\/p\u003e \u003cp\u003eProtections against Death or Disability 209\u003c\/p\u003e \u003cp\u003eDefault Provisions 210\u003c\/p\u003e \u003cp\u003eResolution of Conflicts 213\u003c\/p\u003e \u003cp\u003eBasic (but Not Trivial) Legal Issues 215\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The Transition Plan 223\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRegulatory Issues 224\u003c\/p\u003e \u003cp\u003eTransferring Fee-Based Accounts 232\u003c\/p\u003e \u003cp\u003eSetting Up for the Post-Closing Transition 233\u003c\/p\u003e \u003cp\u003eE\u0026amp;O Insurance (Tail Coverage) 235\u003c\/p\u003e \u003cp\u003eSample Client Letters 236\u003c\/p\u003e \u003cp\u003eConclusion 247\u003c\/p\u003e \u003cp\u003eAppendix: Sample Documents 249\u003c\/p\u003e \u003cp\u003eAbout the Author 279\u003c\/p\u003e \u003cp\u003eAbout the Website 281\u003c\/p\u003e \u003cp\u003eIndex 283\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eDAVID GRAU SR., JD,\u003c\/b\u003e is the founder and president of FP Transitions, the preeminent consulting firm known as much for building sustainable businesses as selling or merging them at the end of a career. FP Transitions has valued over 8,000 financial services or advisory practices and businesses, and consulted on over 1,500 completed third-party transactions. Grau Sr. previously authored the bestselling \u003ci\u003eSuccession Planning for Financial Advisors: Building an Enduring Business,\u003c\/i\u003e also published by Wiley. He has written 90 nationally published articles, white papers, and manuals on complex succession strategies, equity management, business continuity, income-perpetuation plans, and mergers and acquisitions. Grau Sr. was named one of the most influential people in the profession in an industry survey by \u003ci\u003eFinancial Planning\u003c\/i\u003e magazine and is a nationally recognized expert on succession planning and business-perpetuation strategies in the financial services industry.   \u003c\/p\u003e\u003cp\u003eThe purpose of this book is to help advisors understand how to sell what they've built to someone else for maximum value and at optimum tax rates. It is also written to help those on the other end of the deal, so that buyers may understand how to successfully complete an acquisition on the best possible terms, with minimum risk, while writing off the entire purchase price over time. These are not disparate goals; they are connected in every way and part of a win-win-win strategy that aligns the interests of the buyers, the sellers, and the clients who serve as judge and jury over the entire M\u0026amp;A process. This triple bottom line should be the ultimate goal of every transaction—for the good of this industry, its business owners, and the investing public. \u003c\/p\u003e\u003cp\u003eAs a seller, you only have one chance to sell a practice you have spent a lifetime building. As a buyer, you're competing with numerous candidates, many with experience and greater resources. To succeed, you need to know more than the other side, and you need an experienced guide. \u003ci\u003eBuying, Selling \u0026amp; Valuing Financial Practices\u003c\/i\u003e is \u003ci\u003ethe\u003c\/i\u003e complete guidebook for executing your transaction. \u003c\/p\u003e\u003cp\u003eWritten for sellers and buyers alike, this explicit and detailed road map from a pioneer in the financial advisory profession takes you through the entire process and fully prepares you to maximize your opportunities and avoid costly mistakes.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988874936549,"sku":"NP9781119207375","price":63.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119207375.jpg?v=1761781871","url":"https:\/\/k12savings.com\/es\/products\/buying-selling-and-valuing-financial-practices-website-isbn-9781119207375","provider":"K12savings","version":"1.0","type":"link"}