Building, Managing Your Business

By Staff | November 19, 2010 | Last updated on November 19, 2010
2 min read

The transition from a successful advisor to a successful businessperson is a difficult one; experts share their tips on how to make it happen.

The family office evolved Technology, complexity and personalization are three common themes of modern life. With the advent of the multi-family office and virtual-family office, wealthy families can benefit from these trends.

Fundamentals helped firm flourish From a basement office in 1997 to a stand-alone building that houses their business and serves as a gathering point for more than a dozen local charity groups, O’Farrell Financial Services Inc. in Kemptville, Ont., has seen a lot of change in the past 13 years.

Building your business Building a business is a bit like working a jigsaw puzzle. Before you spread out all the pieces, you need to look at the big picture on the box.

Succeeding your business It’s rare for advisors to have a written succession plan, which is strange because advisors who work with business owners generally take a hand with helping those clients put their plans in place.

Tying the Knot: Growth by merger Meet for coffee, date, get hitched. The milestones of a successful personal relationship can also be applied to the merger of a business.

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Transitioning your business, part 1: Assessing your situation As advisors get older, it’s only natural to consider transition issues. What will happen to your book of clients when you retire? Do you have a plan in place?

Transitioning your business, part 2: Finding the right fit You’ve met with a potential buyer or seller. Now comes the tricky stuff. How do you determine whether the person is the right successor?

Transitioning your business, part 3 The deal with the buyer or seller of your business has been signed. Now comes the hard part: letting clients know about the changes and ensuring continuity. What’s the best way to approach these nuances?

Beginning the succession discussion After helping clients with their financial, estate and retirement planning, advisors often have a strong relationship with their clients. That puts us in a unique position to discuss succession planning with those clients who are also business owners.

Selling a business effectively There is a great deal of preparation required to maximize the valuation of a business that’s looking to be sold.

Selling the succession dream There are as many reasons for selling a business as there are for starting one. Corporate reorganization, shareholder disputes, retirement, going private or public or simply passing the torch to the next generation can be the spark that ignites an often combustible process. staff


The staff of have been covering news for financial advisors since 1998.