Rich and Co.

Preparing Your Practice/Firm for Succession and a Transition

You can leave your succession and transition planning to the last minute and hope for the best.  Or you can start now and put in-place planning and preparation to maximize the value and success for all parties.

For all the importance of this topic and transaction and the realization of return on decades of hard work most senior leaders, owners and major shareholder leave the matter to a haphazard process.  That’s understandable since everyday, there are urgent immediate demands.

We are experts in helping firms with M&A and transitions to optimize the process and event.   We help you put in place the things needed for a successful transition.

We help you find buyers and partners and negotiate the transition.   We were just mentioned in an article in succession and transition planing in Investment News:

“Elmer Rich III, a principal in adviser consulting firm Rich & Co., said that the seller should articulate the kind of post-sale relationship he or she expects. Will there be a clean break? Will there be a multiyear consulting relationship? If so, will that be reflected in the price or as a continuing fee? Does the seller want an extended role in administration, operations or client relations? Mr. Rich recalls a sale where after much discussion, it became clear that the senior partner didn’t really want to retire, and only agreed to the deal after he was given a part-time consulting role.

Most critically, fixating on price too early becomes an unintentional anchor to the disadvantage of both parties, creating a winner/loser environment in which seller and buyer become unhappy if the price shifts from the original number. Take time to uncover everyone’s deeper motivations and to work out details.”


Written by Rich and Co.

June 13, 2010 at 2:59 pm

Posted in Uncategorized

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