Hue Partners is proud to share the second M&A Confidential article authored by Alex Kirby, Founder of Total Family.
When it comes to your professional life, selling your firm is likely one of the biggest decisions you'll ever make. It’s the culmination of years—perhaps decades—of hard work, dedication, and growth. But as significant as this decision is, it doesn’t define you as a person. You are much more than just a business owner. You are a parent, a spouse, a friend, and someone with passions and priorities beyond your career.
At Total Family, we’ve worked with entrepreneurs who have sold their companies for more money than they’ll ever need. We don’t help them choose how or who to sell to, but we do help them make decisions that align with their vision—their values, purpose, and roles. Without clarity on those aspects of yourself, even a great financial outcome might leave you feeling a bit lost afterward.
So, how do you make the best decision for yourself, your business, and your future? The answer lies in uncovering your vision. For us, vision isn’t just a buzzword—it’s a practical tool. Vision consists of three key components:
When you have a clear understanding of these, making major decisions—like selling your firm or finalizing your trust and will—becomes not only easier but more aligned with who you are as a whole person.
Before you sign anything, it’s critical to reflect on your values. We work with 72 core values—while they’re all positive, you can’t embody them all. In the end, you can truly live by only four or five. So, what are yours? What lines will you hold firm, no matter how tough things get?
A helpful exercise is to think back on a decision you’ve made in the past that felt right the moment you made it. Chances are, that decision aligned with your core values. Knowing those values before a major transaction provides you with a solid anchor as you evaluate your options.
One of the most common challenges after selling your business is the shift in roles. As a business owner, your identity and routine have been closely tied to your firm. Once that role is no longer at the center of your life, it can leave a void. This is why retirement or stepping away from a business can be so difficult for many.
Start thinking now about how your roles will change after the transaction. Will you focus more on being a grandparent, spouse, or friend? Do you still want a seat at the table in the business world? Visualize what your life will look like immediately after the transaction, then five and even ten years down the road. These thought exercises will not only help you prepare for change but also ensure that the people who matter most to you are ready for the next chapter.
I recently asked Prime Capital Financial what they look for when acquiring a firm, and their Chief Marketing Officer, Terra McBride, summed it up perfectly: "Our purpose is to have a positive impact on all the people our company interacts with. Our clients, advisors, associates, partners, and community all deserve to feel inspired to achieve what matters most to them, and we’re looking for firms who feel the same."
The goal isn’t to find the "right" answer, but to make the best decision for yourself, your clients, and your team—one that aligns with who you are and where you’re headed. If you’re considering selling your firm, don’t skip the step of asking yourself the tough questions to gain clarity on how this decision will shape your life.
Total Family offers free resources for wealth advisors and family offices to help you through this process. Visit totalfamily.io/join to sign up as a partner firm and gain access to tools that can guide you in making the best decision for your future.