Vital guidance to ensuring the future of your firm
G2: Building the Next Generation provides financial advisory firms with a clear roadmap to management succession. Based on the author's 17 years of experience with over 1,000 firms, this book provides a systematic process to help you identify, develop, and install the new leadership that will guide your firm's future. Extensive statistical research backs proven strategies for structuring management and succession, overcoming obstacles, selling equity, and more, while expert guidance walks you through the process and warn you of potential pitfalls along the way.
A generation of entrepreneurs used their talent and ambition to build an industry; to ensure that their success lives on, those leaders now face the formidable challenge of succession. With the future of your firm at stake, how do you recruit, train, mentor, and develop the next generation of professionals, owners, and leaders? This book shows you how to find the people you need, and develop them into the leadership your firm deserves.
- Identify and develop future leaders from the pool of existing and upcoming talent
- Structure management and management succession to ensure successful transition
- Begin selling equity to your firm's next generation of leaders
- Learn smart strategies for dealing with setbacks along the way
The next generation of leaders will shape the future of your firm, but collectively, they will define the future of the entire advisory industry. Firms who succeed in developing their best talent will continue to thrive—those who fail will be left with a great car, but no driver. Getting this right may be one of the most critical points of your career, and it isn't something that should be left to chance or "gut feeling". G2: Building the Next Generation gives you a solid, grounded, systematic approach for ensuring your firm's long-lived success.
Table of Contents
- Title Page
- CHAPTER 1: Who Are G2s?
- CHAPTER 2: The Career Track
- CHAPTER 3: Recruiting G2
- CHAPTER 4: Taking Over Client Relationships
- CHAPTER 5: How Advisory Firms Develop New Business
- CHAPTER 6: Be a Business Developer
- CHAPTER 7: Managing People
- CHAPTER 8: Managing Up
- CHAPTER 9: Managing Yourself
- CHAPTER 10: Owner, Manager, and Leader
- CHAPTER 11: Adding Owners: The Firm's Perspective
CHAPTER 12: Buying Equity: The G2 Perspective
- What Does It Mean to Be an Owner?
- Key Questions to Ask
- Should You Buy Equity?
- The Characteristics of Equity
- Understanding Your Ownership Agreement
- Small Firms and Family Firms
- Owner Compensation
- What If the Ownership Agreement Isn't Right for You?
- Understanding the Valuation and the Price
- Organizing Your Personal Finances
- Beyond the First Purchase
- CHAPTER 13: The Ownership and Governance Foundation for G2
CHAPTER 14: Succession
- Different Aspects of Succession
- Internal Succession of Ownership
- Finding the Motivation
- The Big Transaction
- A Large Number of Small Transactions
- Passive Ownership
- The Intermittent Transaction
- Equity‐based Compensation
- Profits Interest Options
- Nonvoting Shares
- Synthetic Equity
- Mergers Facilitating Succession
- Creating a Lasting Firm
- CHAPTER 15: Keeping Up with the Industry
- CHAPTER 16: Conclusion
- About the Author
- End User License Agreement
- Title: G2: Building the Next Generation
- Release date: September 2017
- Publisher(s): Wiley
- ISBN: 9781119370062