Whether advisors want to develop their enterprise by way of partnerships or acquisitions, or dangle up their hat and retire, an initiative from Global Travel Collection (GTC) is poised to help them with their subsequent steps.
Angie Licea
Legacy in Motion was designed to assist advisors put together for the long run, mentioned GTC president Angie Licea.
New York-based GTC is the posh division of Internova Travel Group (No. 10 on Travel Weekly’s Power List) and residential to 1,500 advisors. Licea took over as its president 5 years in the past.
“The one thing that I noticed when I came into the business is that some of the advisors weren’t necessarily managing their business like a business,” Licea mentioned.
For occasion, she mentioned, they did not have an exit plan. How lengthy would they keep in enterprise? What would they do with their enterprise upon exiting? Give it to a member of the family? Sell?
Licea additionally seen a necessity for steering amongst businesses desirous about rising their companies through acquisition and partnership.
Legacy in Motion was designed as the answer to all of these points. GTC labored with Trivium Point Advisory — which makes a speciality of enterprise valuation, mergers, acquisitions and succession planning — to design a sequence of stay workshops, one-on-one teaching and on-demand sources for advisors trying to make a change of their enterprise.
It addresses three particular phases: development, partnership (as an alternative of a full merger) and succession.
GTC has had various profitable acquisitions amongst its personal unbiased contractors, Licea mentioned, counting 4 to this point this yr.
“We try to do matches,” she mentioned. “We have access to 1,500 advisors and really understand the personality and business mixes, trying to help people connect that will do well together. Then this transaction ends up happening where, through time, advisors will sunset their business, others will take it over and we keep everything alive and circular and happening within the organization and within the industry.”
The company additionally encourages its ICs to retain their very own counsel to assist with any transactions. In addition, the company recommends that the 2 events signal nondisclosure agreements earlier than sharing delicate information like monetary particulars.
Licea mentioned GTC can be trying to facilitate supervisor buyouts of businesses.
“All of this is really meant to help them achieve with their business whatever their objective is,” she mentioned. “It’s not up to us to determine their objective. Whether it’s succession planning, it’s retirement, it’s handing your business over to somebody else, it’s selling your business — it’s to get them to think about it, that’s our job.”
Legacy in Motion is out there to GTC members at no cost, however they’re liable for extra prices if they keep an lawyer or Trivium on their very own.
“We see it as an investment in the future,” Licea mentioned. “It’s a win for the advisor, but it’s also a win for us that the volume stays in-house. It allows us to continue to support that business as we’ve been supporting it, so we’re thankful for that, as well.”