When I sold my client book I had been looking around for a suitable buyer for over a year and was completely confused and frustrated.

I had come close to selling up on numerous occasions however there was always some clause or restriction which would be playing on my mind and then another weird and wonderful deal would present itself and I’d be changing direction.

This led to even more frustration and in the end, I took no action because I was not happy to be bound by restrictive terms and conditions.

The Background

At Periscope we deal with dozens of IFAs each week, we see this a lot and it doesn’t surprise us.

We have to remember that most people when selling some (or all) of their clients or business are doing it for the first time and it is a minefield for the uninitiated, for example:

Some buyers are happy to agree on a price and pay cash upfront.

Some buyers want to pay over 2 years… and everything in between.

Some buyers insist your existing firm is closed.

Some buyers want to keep the firm.

Some buyers pay based on fee income.

Some buyers pay based on Assets Under Management.

Some buyers want you to make the clients move platforms.

Some buyers want you to retire from the industry.

Some buyers want you to work for them.

Some buyers see value in your support team.

Some buyers want you to make your team redundant.

The list goes on…
The likelihood of finding one buyer who ticks all of the boxes is minimal however it may be that just one buyer is not the way to go and this is one of the many ways in which my team and I can potentially add value for you.

The Interlude
Before I sold my first client book at the first meeting with the business development manager I immediately launched into all the things about the deal that weren’t going to work for me and being much wiser (and older) he said to me;

“Well Tony, no deal is perfect…”
He was right, it wasn’t but 3 months later I was I was significantly better off financially, had more time to focus on my top clients and his buyer had grown their client base in the way they wanted to.

The Point… Finally
But maybe there is a way to achieve all your goals, whether you are looking to retire or whether you are just looking to offload some clients to create a significant cash event and free up some of your time.

So here is my advice:
Step 1:
Make a list of all the things you might like to achieve as a result of selling some assets or selling your firm. What would the perfect deal look like?

Step 2:
Now go back through that list and decide which of those goals are absolutely non-negotiable.

Step 3:
Get a rough idea of your Assets Under Management and Annual Management Fees.

Step 4:
Contact my team for a free appraisal – we have buyers of all shapes and sizes who could be a good fit for you.