SuccessionFit Podcast

“The smaller firms definitely have an issue with getting up to speed with all the laws and the changes. It’s so complex today that unless you have an expertise or do it everyday you can’t just pick it up one time and expect to be an expert in it. The smaller firms clearly have that fault, they may have a small little niche, but anything outside that niche, they don’t have the expertise.”

In this episode, Tom Hine speaks with Jay Rasmus. Jay is a partner at Mahoney Sabol & Company, LLP, an accounting firm that provides comprehensive accounting, auditing, tax, and business consulting services to a wide range of clients and industries. They discuss the biggest challenges in the tax preparation business, classic accounting mistakes, and the implications of any potential RMD age increases.

Mahoney Sabol & Company, LLP: https://mahoneysabol.com/

Connect with Tom: https://www.linkedin.com/in/hinetom/

Feedback: https://www.capitalwm.com/successionfit-podcast

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Capital Wealth Management, LLC or CES Insurance Agency.

“(Advisors) have been there through thick and thin holding their clients’ hands, and it is a very connected service business, where very few advisors are willing to sell out, so to speak, simply to get the highest deal structure for themselves. Most of them really want to make sure their clients are well taken care of, even before themselves.”

In this episode, Tom Hine speaks with Carolyn Armitage. Carolyn is the Head of Thrivent Advisor Network and has over 30 years of experience in the wealth management industry. They discuss how the future care of an advisor's clients is often the most crucial factor in a deal structure, the conflict inherent in the "founders dilemma," the professionalization of the wealth management space, and the future impact of the COVID pandemic.

Thrivent Advisor Network: https://www.thriventadvisornetwork.com/

Connect with Tom: https://www.linkedin.com/in/hinetom/

Feedback: https://www.capitalwm.com/successionfit-podcast

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Capital Wealth Management, LLC or CES Insurance Agency.

“If you’re going to start a business, know how you’re going to get out of that business. Whether it’s 5 years, 10 years, 20 years – what’s your endgame? What do you want to get from this business before you get out of this business? And how do you see the possibility of getting out of it?”

In this episode, Tom Hine speaks with Teresa Benning, the owner of Benning Small Business Advisors in Salem, Massachusetts, who also went through Tom’s acquisition process. They discuss the importance of having a clear plan, her surprise at how comfortable she was with the process after her initial anxiety, and the importance of knowing what you want to get out of your business and when you want to leave.

Benning Small Business Advisors: https://benningsmallbusinessadvisors.com/

Connect with Tom: https://www.linkedin.com/in/hinetom/

Feedback: https://www.capitalwm.com/successionfit-podcast

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Capital Wealth Management, LLC or CES Insurance Agency.

“Once you get some success at something, you believe that you always have that success at it, and there’s actually not a lot of good research that proves that out.”

In this episode, Tom Hine speaks with Jamie Hopkins. Jamie is the Managing Partner of Wealth Solutions at Carson Group. They discuss misconceptions about facts, the danger of overconfidence, and the importance of knowing your goals.

Connect with Jamie:

Website: https://www.jamiehopkins.com/

Twitter: @RetirementRisks

Connect with Tom:

https://www.linkedin.com/in/hinetom/

Podcast Feedback:

https://www.capitalwm.com/successionfit-podcast

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Capital Wealth Management, LLC or CES Insurance Agency.

“Just focusing on the numbers and not spending enough time on the cultural fit, or the business fit, or the philosophical fit, or what direction in the business you want to take…you can miss a lot of things and it can create a lot of issues for the business down the road…Everything when it comes to M&A should start with culture...”

In this episode Tom Hine speaks with Jason Carver, Managing Partner at Pure Financial Advisors. They discuss trends in the M&A world, the importance of culture fit, and why advisors delay succession planning.

Pure Financial Advisors: https://purefinancial.com/

Connect with Tom: https://www.linkedin.com/in/hinetom/

Feedback: https://www.capitalwm.com/successionfit-podcast

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through Capital Wealth Management, LLC or CES Insurance Agency

“The majority of financial advisors do not realize the scope and time involved in successfully selling their practice to another advisor. Often, advisors regret not beginning the process sooner. Valuation, discussion, negotiation, and transition can take nine months or more.”

In this episode Tom Hine covers the SuccessionFit Scorecard, a self-scoring system for financial advisors that he created. He highlights the importance of taking this first step towards protecting your life’s work. It can show you how prepared, or unprepared, your company is for sale or merger.

“There are two kinds of people: those that do as much as they can, and those that do as little as they can get away with.” In this episode Tom Hine speaks with Mike Hurst, a retired financial advisor who went through Tom’s acquisition process. He is one of Tom’s favorite acquisitions and conversation partners. Tom and Mike discuss the succession planning journey and the enjoyment Mike has found in his retirement.

“In an industry that spends its time planning for other people’s futures, only 27% of financial advisors have a continuity plan in place.” In this episode Tom Hine speaks with Maria King, the founder of Transcend Practice Management. They discuss the difference between succession and continuity planning, overcoming the fear of magical thinking, and the importance of culture fit and due diligence when completing an acquisition.

Transend Practice Management: www.transcend-pm.com

In this episode, the interviewer becomes the interviewee! Host Tom Hine answers questions on his background in financial planning, his history of acquiring businesses, what motivated him to start a podcast, the process of writing his latest book, “The Zen of Business Acquisitions”, and all the lessons he has learned along the way.

The Zen of Business Acquisitions: https://amzn.to/30mI3of

Connect with Tom: https://www.linkedin.com/in/hinetom/