It's no secret that successful independent financial advisors are control freaks. The draw toward independence in our industry starts with the appeal of being the boss. As Michael Gerber explains in The E-Myth, most small businesses are started by a technician: the person with the technical expertise to succeed in their given industry. And on this front, financial advisors are no different than other small business owners.
The challenge comes when attempting to package the business for sale -- only to realize that the value is found within the skill of the technician. You're trying to sell a business, not your own work -- because, after all, the idea is to eventually stop working. For a financial advisory practice to grow into a business, however, the technician needs to grow into a manager and an entrepreneur.
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