RIA Acquisition

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by a searcher from Michigan State University - The Eli Broad College of Business
in Michigan, USA

1yr ago

RIA Acquisition

Hey Searchfund Community!

Curious if anyone has any insight, experience, commentary, etc., on acquiring an independent registered investment advisory firm? Anything would be helpful but I’d love to know: How you sourced the deal? What was the deal structure? What was the valuation/multiple paid? What was your transition and client retention strategy?

Please don’t hesitate to share any open thoughts, ideas, or questions of your own. Thanks

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reply by a searcher 1yr ago
from Michigan State University in Michigan, USA

Paul 10-15x sounds ridiculous! I saw an article that mentioned 9x EBITDA and I couldn't/didn't believe it. This has been your experience even for smaller shops sub $100M in AUM?

reply by a searcher 1yr ago
from University of Virginia in Walla Walla, WA 99362, USA

I was exposed to that space in my past life, not sure at that scale. It's super difficult at that size though. The system requirements and regulations don't lend themselves well to smaller firms. You won't have the same investment access, you won't have competitive reporting, etc. You're also buying people, so you have to take care of them. They walk, clients walk. LOTS of risk at that size (unless you are Financial Advisor yourself with a CFP, CFA, and several Series certifications...). I don't mean to scare you off from the concept, but it's a more challenging concept then some of the simpler businesses many searchers find themselves acquiring...