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- Wiley
More About This Title G2: Building the Next Generation
English
Vital guidance to ensuring the future of your firm
G2: Building the Next Generation provides financial advisory firms with a clear roadmap to management succession. Based on the author's 17 years of experience with over 1,000 firms, this book provides a systematic process to help you identify, develop, and install the new leadership that will guide your firm's future. Extensive statistical research backs proven strategies for structuring management and succession, overcoming obstacles, selling equity, and more, while expert guidance walks you through the process and warn you of potential pitfalls along the way.
A generation of entrepreneurs used their talent and ambition to build an industry; to ensure that their success lives on, those leaders now face the formidable challenge of succession. With the future of your firm at stake, how do you recruit, train, mentor, and develop the next generation of professionals, owners, and leaders? This book shows you how to find the people you need, and develop them into the leadership your firm deserves.
- Identify and develop future leaders from the pool of existing and upcoming talent
- Structure management and management succession to ensure successful transition
- Begin selling equity to your firm's next generation of leaders
- Learn smart strategies for dealing with setbacks along the way
The next generation of leaders will shape the future of your firm, but collectively, they will define the future of the entire advisory industry. Firms who succeed in developing their best talent will continue to thrive—those who fail will be left with a great car, but no driver. Getting this right may be one of the most critical points of your career, and it isn't something that should be left to chance or "gut feeling". G2: Building the Next Generation gives you a solid, grounded, systematic approach for ensuring your firm's long-lived success.
English
PHILIP PALAVEEV is the founder and CEO of The Ensemble Practice, LLC, and a recognized expert on the management of financial advisory firms and teams. Palaveev also is a business owner who speaks from the perspective of having built and managed successful businesses. He is the author of The Ensemble Practice.
English
Preface
Acknowledgments
Chapter 1 Who Are G2?
Defining G2
Developing the Next Generation Is Critical
Just Hiring Them Is Not Enough (But Start There)
What G2 Professionals Need
G2 Needs to Take Over Client Relationships
G2 Are the Future
Chapter 2 The Career Track
The Advisory Career Track
Non-Client-Facing Career Tracks
Progressing through the Career Track
Being Flat
Top Performers
Reaching the End of the Track
Chapter 3 Recruiting G2
Beginning with the End in Mind
Hiring Levels
Becoming the Employer of Choice
Advertising
Recruiting in Small Markets
Screening
Interviewing
Opportunistic Hiring
Experienced Hires
Chapter 4 Taking Over Client Relationships
What Is a Lead Advisor?
Qualities of a Trusted Advisor
Transitioning the Lead to G2
Chapter 5 How Advisory Firms Develop New Business
The Business Development Process
When and How Clients Act
Existing Clients as a Referral Source
Some Theories about Referrals
Other Referral Sources
Beyond Referrals
The Simple Mathematics of Reputation-Based Selling
Principles of Business Development
Chapter 6 Be a Business Developer
The Four Stages of Learning to Develop New Business
Solving a Puzzle
Finding Your Mentor
Learning to Ask Questions and Listen
Finding Your Specialty
Developing a Niche
Following a Disciplined Process
Be Persistent
Chapter 7 Managing People
Defining Management
Prioritizing Management and Communication
Accepting Responsibility
Providing Feedback
Dealing with Poorly Performing Team Members
Performance Evaluations
Being a Mentor
Chapter 8 Managing Up
Speaking Up
Getting Involved
Taking Responsibility for Your Team
Supporting Your Colleagues
Measuring Your Criticism
Managing Your Own Expectations
Chapter 9 Managing Yourself
Defining Balance of Life
Balancing Time
Dealing with Weaknesses
Thoughtful Communication
On the Value of Conflict
Looking at Your Own Plate
Chapter 10 Owner, Manager, and Leader
Defining Owner, Manager, and Leader
Management
Leadership
Chapter 11 Adding Owners: The Firm Perspective
Criteria for Ownership/Partnership
Admission Process
Adding Family Members as Partners
Laying the Foundation for New Partners
Tackling Buy-In Financing and Valuation
Onboarding Partners
Chapter 12 Buying Equity: The G2 Perspective
What Does It Mean to Be an Owner?
Key Questions to Ask
Should You Buy Equity?
The Characteristics of Equity
Understanding Your Ownership Agreement
Small Firms and Family Firms
Owner Compensation
What If the Ownership Agreement Isn’t Right for You
Understanding the Valuation and the Price
Organizing Your Personal Finances
Beyond the First Purchase
Chapter 13 The Ownership and Governance Foundation for G2
Career Investment
Stability and Governance
Elements of Governance
Governance as a Function of Size
Reviewing Your Governance Model
Achieving Results
Chapter 14 Succession
Different Aspects of Succession
Internal Succession of Ownership
Finding the Motivation
The Big Transaction
A Large Number of Small Transactions
Passive Ownership
The Intermittent Transaction
Equity-Based Compensation
Profits Interest Options
Nonvoting Shares
Synthetic Equity
Mergers Facilitating Succession
Creating a Permanent Firm
Chapter 15 Keeping Up with the Industry
Being a Student of the Industry
Developing Your Industry Connections
Benchmarking Your Client Services
Learning Best Practices
Participating in External Training
Contributing to the Industry
Chapter 16 Conclusion
From G2 to G3
A Note of Optimism
Bibliography
About the Author
Index
