Episode 20: Highlights from the DeVoe M&A+ Succession Summit: Day Two, with Corey Kupfer
Corey Kupfer has been working in the business of negotiations for more than 30 years, both as a successful entrepreneur and as an attorney. His goal is to help you strategize, plan for, find, and complete deals that will help your company grow rapidly. This is called “inorganic growth”, and it differs from the traditionally slow, organic growth many are familiar with. In this solo episode of Fueling Deals, Corey discusses the importance of maintaining alignment with your character and values, not only within the scope of doing deals but in all aspects of your business and life.
In part two of this special two-part series covering the events and speakers of the two-day DeVoe M&A+ Succession Summit that took place on May 30-31, 2019 at The Harvard Club in New York, Corey Kupfer details the wealth of information shared by luminaries of the RIA industry. Listen to learn what’s currently on the minds of Dave Barton from Mercer Advisors, Elliot Weissbluth of HighTower, Matt Cooper of Beacon Pointe Wealth Advisors, Marty Bicknell of Mariner Wealth Advisors, David DeVoe and Tim Kochis of DeVoe & Company, and many other fascinating industry thought leaders as Corey Kupfer recaps day two of the summit!
What you’ll learn about in this episode:
- Dave Barton from Mercer Advisors discussed why firms need to offer something beyond investment advice and financial planning to better distinguish themselves
- How Mercer has done 21 deals in three years, and why most of these deals were growth-related rather than exit or succession
- Why client attrition rates are a valuable metric and a major indicator of underlying problems within the firm
- David DeVoe shared common blind spots that can disrupt or destroy your firm, including the failure to plan for equity sales by the senior partners
- Why there are four key economic factors to plan for: valuation, economic deal structure, exit timeline, and the buying power of the next generation
- Elliot Weissbluth of HighTower shared why there is a need for an institute to train firm successors
- Matt Cooper from Beacon Pointe Wealth Advisors discusses red flags in due diligence that should cause you to walk away, and he expressed concerns over the results of a future market downturn
- Marty Bicknell at Mariner Wealth Advisors shared why it is critical to decide what your non-negotiables are and why clarity is vital for understanding the value or cost of a deal
- Tim Kochis, Special Advisor to DeVoe & Company, discussed why he believes in vesting people in equity, and he shared his feelings toward synthetic equity
Additional resources:
- Website: www.fuelingdeals.com
