WASHINGTON, D.C. - For Quest Capital Management, an internal buyout turned out to be the best way to solve a succession planning dilemma.
When a founding partner wanted to step down, Dallas-based Quest initially planned to use an external sale to give him a way to cash out, said Kalita Blessing, one of the firm's second-generation partners. But after a three-year dance with banks, RIAs and investment bankers that lasted from 2007 to 2010, Quest's shareholders changed their mind.
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