Law firm Financial Services Legal has built a website it says offers IFAs an easier way to sell their businesses and exit the industry.
Paul Crutchley, partner of the sister company to Shakespeares, says IFAs are “exceptionally poor about planning exit strategies,” but also notes the site, www.forsalesold.co.uk, has drawn interest from some 3,000 IFAs during its pilot stage.
Potential buyers of busineses can obtain basic information from sellers, such as turnover figures, numbers of advisers in a practice, business type and structure.
Subscribers receive email bulletins with information on additional businesses up for sale. FSL says the solution has merits because it gives bigger businesses easier access to smaller firms they may want to acquire in order to build up their own banks of experienced advisers.
Acquiring such advisers can be a more effective route than recruitment, FSL says.
The company itself uses the site as a lead tool, subsequently offering interested parties the legal services required to complete a business transaction, including due diligence, analysis of the businesses being bought or sold and sourcing investors or raising capital.
Paul Crutchley says while early days yet there seem to be more buyers than sellers registering to use the site. Businesses are already being sold through the site, he adds.
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