A large portion of baby boomers are business owners because the scarcity of jobs when they entered the workforce drove them to create their own jobs and become...
How to Sell a Financial Planning Business
Licensing – The big limitation. Because most buyers of businesses do not have the proper licensing to operate a financial planning business, they may not be suitable candidates. If your business requires a Series 7 license, then it is best to target individuals who already hold these designations. If the licensure is fairly easy to obtain, the business will be much easier to sell.
The two ways to sell a business
- The hard way – The hardest and costliest way to sell a business is to target buyers directly. This is necessary when a specific type of buyer is the ideal candidate for your business. For example, only a surgeon can purchase a surgery practice; only an architect is likely to buy an architectural practice. Because most business owners are busy operating their business and are not in the market to purchase another business, targeting specific buyers directly can be costly.
- The easy way – The most cost-effective way to advertise a business for sale is to advertise it using business-for-sale websites. These websites often get monthly traffic well into the millions of qualified buyers who are aggressively seeking to buy a business.