Leave Your Practice by Design (Part 1)

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If you're an owner of an advisory practice, your firm is likely the most valuable asset you own. As such, growing and protecting and eventually monetizing the value of your advisory practice, is enormously consequential to achieving your financial independence. 

The net amount that ends up in your pocket after selling your practice – after taxes, fees, paying off outstanding loans and bills, after everything – directly, and quite literally, impacts what you can afford in retirement and how much you can leave to your heirs and/or charities. Clearly, it's worth your time and energy to leave your practice by design rather than by default.

You can't afford to leave it to chance. 

Accidental consultant

Several years ago, a friend and an owner of an advisory practice asked me to help him run his firm like a "real business." As a financial advisor myself, I had zero experience in running a business, so, naturally, I was hesitant to take on the project. But as it turned out (and much to my surprise), I had the temperament and skills to think strategically, lead a team with fortitude, and relentlessly execute a plan with laser focus. ​I was a natural executive. ​