Business succession within financial planning firms is extremely complicated and in my opinion this is why many financial planning firm business owners continuing working into their late sixties without a clear exit plan. As part of the Woww programme, Michelle Hoskin identified the need to prove tangible value to some business owners in the form of a business valuation at the start and the end of the programme.
This involved an extremely detailed data gathering process with a highly professional and experienced third party (Gunner & Co), followed by a presentation and meeting with Michell and Louise from Gunner & Co. I personally have been extremely cynically about IFA business valuations, that are headlined in the financial press and in completing this process we now have a full understanding of the true value of our business based on a real market appraisal.
We also now understand what we need to do to enhance the value of our business and most importantly it has provided us with a meaningful ‘stake in the sand’ to aid discussions around a business succession strategy.
The analysis, presentation, professionalism and the people involved in this process have been exceptional and this has really enabled our business to start planning for the future.
CM, Financial Planner, Essex