Ep 364: Scaling Marketing To Sell A $2.2B Advisory Firm And Advising Advisors On The Lessons Learned From Selling, with Ted Jenkin

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 19 December 2023

⏱️ 91 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ted Jenkin is the consultant of JPTD Partners, a consulting firm based in Atlanta that helps financial advisors gather offers, negotiate, and ultimately sell their advisory firms. What sets Ted apart is his firsthand experience of selling his own $2.2 billion AUM firm, cultivated over a decade. This unique perspective as a former owner deeply influences his approach, enabling him to empathetically guide other advisors through the nuances of mergers and acquisitions.

Listen in as Ted shares the intricacies of mergers and acquisitions, diving into insights from his journey of building a consulting firm and the strategies he employed, such as the 'manufactured celebrity approach', which skyrocketed his firm's success but also led to burnout. He also discusses the nuances of how buyers evaluate advisory firms, the importance of niching down for scalability, and the lessons he learned about recognizing true profit margins and the real value of a firm. You'll hear about his transition from business owner to employee post-sale, the significance of outsourcing weaknesses early on, and invaluable advice for advisors aiming to maximize their firm's value when considering a sale.

For show notes and more visit: https://www.kitces.com/364

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner,
0:08.5	speaker and consultant Michael Kitsis to hear stories of how leading financial advisors
0:13.6	navigated the inevitable challenges that arise on the path to success and get insight
0:18.7	from leading industry consultants about how to break through to the
0:22.1	next level in your advisory business. And now here's your host, Michael Kitsas.
0:27.7	Welcome, everyone. Welcome to the 364th episode of the Financial Advisor Success Podcast.
0:33.8	My guest on today's podcast is Ted Jenkins. Ted is the consultant of JPTV partners based in Atlanta,
0:39.8	Georgia, which helps financial advisors gather, offers, negotiate, and ultimately sell their advisory firms.
0:46.8	What's unique about Ted, though, is how his journey to facilitate advisor mergers and acquisitions
0:51.2	started from selling his own 2.2 billion AUM advisory firm that he spent
0:55.6	more than a decade building. And the perspective he gained as a founder who sold his firm influenced
1:00.2	the way that he now helps other advisors prepare for and understand all the acquisition offers
1:04.7	that may be placed in front of them and their own options to exit their firms that they may have
1:08.7	spent their careers building. In this episode, we talk in depth about how after Ted went through the challenge of getting
1:14.2	multiple offers to sell his own firm and struggling to figure out how to compare them, he found
1:18.1	that many other advisors who were asking him for advice based on his experience and ultimately
1:22.4	decided to build a consulting firm to help them. How Ted has now come to see himself as a zillow for an advisory
1:28.3	practice as worth as he got deeper into the weeds of evaluating how buyers are really assessing
1:32.8	the value of an advisory firm and price its true profit margins. And How Ted's unique niche is an
1:38.7	advisor who sold helping other advisors to sell us led to the point where after just a few years,
1:43.4	his firm is now representing
1:44.5	115 active other advisory firms shopping for a buyer and allowing get even deeper into the current
	...

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