Broker Check

Transition Planning and Consulting Services

Transition Consulting Services

Engaging our firm as your Transition Consultation Team is done on a success fee basis, with a retainer deposit, and the scope of the work varies with every transition deal. We may be placed on retainer after a valuation has been completed or we can provide a valuation as a part of the services provided under the retainer agreement. During the retainer period, Fox-Smith Wealth Management will provide nearly everything a buyer or seller will need in order to execute every aspect of the transition. All our services and materials are provided at no additional cost once we are placed on retainer. Our offering includes the following services and materials:

  • Live consultation time with our seasoned transitions professional, Gustin D. Fox-Smith, AIF®, ChFC®, as needed to guide you through the transition process (via phone conference/web meeting if you are located outside Colorado).
  • All buy/sell documents, contracts and agreements necessary for both parties, customized for each agreement’s unique transition goals and commitments.*
  • A detailed written transition plan customized to suit your planning timeline to ensure transition goals are met and client retention is maximized.
  • Guidance and transition plan adjustments throughout the transition period to help with any surprises or challenges that may arise during execution of the plan.
  • Practice valuation analysis and report. (Due to the scope of work involved, valuations are offered either as a separate flat fee service or may be bundled with consulting services for an increased retainer, however a discount is applied when the two services are bundled together**.)
  • Support and templates for additional client retention activities including workshops, letters, and marketing.
  • Payment structure and taxation consultation to ensure the payment plan meets the needs of both parties in terms of retention/mortality risk and meets IRS guidelines regarding characterization of payments.
  • Accounting/Bookkeeping consultation to assist in setting up easily maintained systems for tracking and reporting after the close.
  • General advice on anything related to the transition. “If we know it or have it, it is yours.”

Practice Valuation Services

Our firm provides comprehensive practice valuation services using factors that are built from real-world pricing and risk models. Most valuations done in the marketplace today are heavily seller biased and lean the risk primarily onto the buyer and they are often based upon “commonly accepted” risk factors that simply are not accurate in a real transition. Our goal is to provide valuations that take balanced risk into account in the final pricing on the practice so that both the buyer and the seller can achieve a positive result. Practice valuations are provided on a flat fee basis or may be bundled with a retainer agreement for Transition Consulting Services if you want us to partner with you to negotiate and structure your transition with a successor.  The fee for valuations alone is dependent upon the complexity of each individual case.

For more information, contact us.

*Fox-Smith Wealth Management is not a law firm and does not provide legal advice. We recommend that you have the sample agreements we provide reviewed by an attorney prior to execution.

**If practice valuation services are requested together with a retainer agreement and not as a separate service, the total retainer fee is reduced 10%. Time spent preparing and delivering the valuation is not billed against the retainer agreement billable hours.