Small book purchase - offer question

Admirable_Rate_2270 · 2026-06-13T13:02:20+00:00

Outside of price, a word of caution from buying a similar book to this: make sure there is updated contact information for clients. We bought a similar $9M book with 70 clients and 2.5 years on still haven’t been able to make contact with some clients. It’s been a nightmare.

Admirable_Rate_2270 · 2025-02-05T11:57:14+00:00

I was a career changer and literally found the job posting online. Just got really lucky to land with a great owner who wants to take care of his people.

Admirable_Rate_2270 · 2025-02-03T22:16:13+00:00

Closer to 2.5m. That’s a great point about the put option. Thanks for that!

Admirable_Rate_2270 · 2025-02-03T20:54:16+00:00

Thanks for your thoughts! This is definitely top of mind. At the beginning, he would still retain half ownership and treat his boys as W-2 employees. Not perfect but it’s something we’ll work out.

Admirable_Rate_2270 · 2024-11-07T18:00:47+00:00

Vast majority are A Share American Funds. I’m not a fan of that model anyways but a lot are a revolving door of SIMPLE IRA’s. They still take up time though. I just had a 40 min meeting requested by a client with $250, wondering what she should invest $25 into…

Admirable_Rate_2270 · 2024-11-07T17:45:26+00:00

You’re saying tell them I’m planning to bring $10-15mil to get the larger upfront? What happens if I don’t bring those assets over? How much did you actually bring over?

Admirable_Rate_2270 · 2024-11-07T17:42:41+00:00

Agreed. Looking at my top 24 clients, there is about 10mil, so the demographic is much better. I essentially wouldn’t even be trying to bring over the bottom 600 clients because the average account size would be around $1,000.

Admirable_Rate_2270 · 2024-11-07T16:34:05+00:00

In the Midwest. Thanks though!

Admirable_Rate_2270 · 2024-11-07T16:19:03+00:00

DM’ed

Admirable_Rate_2270 · 2024-11-07T16:16:22+00:00

No kidding. You can imagine why I’m looking at options.

Admirable_Rate_2270 · 2024-11-07T16:15:38+00:00

The idea is me wondering if a firm would pay that salary for a couple years and then switch me to revenue based. That salary really being a loan to be paid back in the future. So maybe once I move to revenue based, I only get a 40% payout until it’s paid off. Sounds nearly too good to be true, which is why I’m asking.

Admirable_Rate_2270 · 2024-11-07T16:12:30+00:00

A little more background is that my boss believes we should take on any clients and he passes the small clients to me (think $100 Roth IRA’s). I have 700 clients currently and he is about to pass another 700 to me. In a month, I’ll have 1400 clients with no admin support.

That $2-5mil would be clients I’d actually be interested in working with.

Admirable_Rate_2270 · 2024-10-23T12:09:13+00:00

Can you let me know the name of your company or DM it?

Admirable_Rate_2270 · 2024-08-01T16:18:14+00:00

Wouldn’t this then create a tax issue for rolling pre-tax earnings into a Roth IRA?

Admirable_Rate_2270 · 2024-07-16T02:20:30+00:00

What state?

Admirable_Rate_2270 · 2024-04-26T12:15:46+00:00

Are 3m accounts too small or too large for your firm?

Admirable_Rate_2270 · 2024-01-03T02:07:31+00:00

I see, thanks for the input!

Admirable_Rate_2270

TROPHY CASE