What is the most favorite thing you do?
What is the most profitable thing you do?
Are they the same thing?
UPDATE: See [Note] below for information not included in the video.
You’ve been working for years alongside a well-known, well-respected BVFLS practitioner. Now they are looking to sell the practice and retire. Where does that leave you?
Hey, what’s up! I’m Rod Burkert. And welcome to my Practice Development Corner, the place where business valuation professionals like you come to learn how to turn the practice they have into the practice they want.
One of the issues raised by the tsunami of retiring baby boomer business owners is the matter of retiring baby boomer BVFLS practice owners. Hey, you only need to attend a few BVFLS conferences and see all of the gray hair to imagine that these people won’t be practicing too much longer. Present company excepted!
A potential coaching client reached out to me. She has been working with one of those BVFLS icons for over a decade. She’s happy where she’s at, but knows it won’t continue forever. She wants to plan her next move … which could include (1) staying with the practice under new ownership, (2) buying the practice, (3) starting her own practice, or (4) moving to another firm.
[Note: If you are looking for help with (4), I can think of no better person to recommend than John Borrowman. Most likely, you know him or heard of him … and that’s because he is a great guy. John specializes in recruiting the best talent in our BVFLS industry. You can reach out to him at Borrowman Baker, LLC, 544 Ryan Avenue, Gallatin, TN 37066, 615-230-4979, email@example.com.]
While we fleshed out some pros and cons of each move, here are the two concerns I have for anyone in this situation: (1) who are the referral relationships with and (2) how old are they. For example, the phone rings and the client/referral source asks for Mr. or Mrs. BVFLS Icon. If that is always the case, it may be difficult transferring those relationships to any new practice owner.
And if the clients/referral sources are at or near their retirement age, THEY may not be around very long even if the relationships can be transferred.
I don’t have THE answer, but it’s certainly something to think about if you are in this position or will be within a relatively short time horizon.
That said, I think ONE solution is to start building your brand that is separate and apart from the firm you’re in. And if you stay, either as an employee under a new owner or if you become the owner, you will be in the best rainmaking position possible. And if you go, either to start your own firm or to move to a new one, you will likewise be in the best possible rainmaking position.
So that is this episode’s practice development tip. Hopefully, it’s been helpful. Let me know by taking just a few seconds to like, comment on, or share this video.
Even better – if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.
Thanks for tuning in!
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