Private equity and strategic buyers both want your firm. They want very different things from it. Understanding the distinction before you start conversations is the difference between a good outcome and a great one.

For RIA owners, an exit is the culmination of everything you spent years building. How well you planned for it, and how far in advance you started, will determine whether you walk away on your terms or someone else’s.

Exiting your RIA and transitioning your RIA are not the same thing. Confusing the two is one of the most expensive mistakes an owner can make when the time finally comes.

Most RIA owners dramatically underestimate how long a well-executed exit actually takes. Here is an honest look at the timeline, what happens at each stage, and where things go wrong.