Most advisory firm owners think they're 80% done with a deal once they've found a buyer and shaken hands on a number. In reality, they may not even be in the first inning.

In this episode of The SRG Exchange, SRG's consulting team and General Counsel pull back the curtain on what firm owners consistently get wrong about M&A, from timing and valuation methodology to entity structure and equity sharing strategy.

The group covers when to bring in an outside team and what happens when you wait too long, why a business's appraised value and its sale price are not the same thing, where market multiples landed in 2025, why internal succession deals rarely match the economics of an external sale, and how entity planning and equity sharing have shifted from tools reserved for the industry's biggest firms to essentials at nearly every size.

Regulatory scrutiny is evolving, and RIAs involved in acquisitions or succession transitions are starting to see a new area of exam focus: how the SEC’s Marketing Rule endorsement provision may apply to certain client transition communications.

In this episode of The Fine Print, SRG General Counsel Todd Fulks is joined by Christine Ayako Schleppegrell, Partner at Morgan Lewis and former SEC attorney, for a timely discussion on what firms are seeing in exams and deficiency letters, and why this issue is emerging now.

You will hear how a rule many advisors associate with testimonials and advertising is beginning to surface in the M&A transition context, and what firms can do to stay prepared.

Employment agreements are often treated as a formality, until a key employee leaves, client relationships walk out the door, or a succession plan starts to unravel.

In this episode of The SRG Exchange, SRG’s consulting team and General Counsel break down the real-world role of restrictive covenants in advisory firms, and why the biggest risk is often having no agreement in place at all.

The group explores the difference between non-competes, non-solicits, and no-serve provisions, why enforceability varies state by state, and how firms can create protections that are both practical and reasonable.

Entity structure is not just paperwork. It shapes how your firm grows, shares ownership, and eventually transitions.

In this episode of The SRG Exchange, SRG’s consulting team and general counsel break down what advisors need to know about entities and entity maintenance, and why firms often outgrow the structure they set up years ago.

You’ll learn:

• How entity design affects internal succession and equity transfers
• Why S-corp rigidity can create hidden obstacles
• What ownership classes, voting rights, and governance terms actually change
• What entity maintenance looks like in practice and why it matters
• Common mistakes that create risk during growth, M&A, or exit

Whether you are building your first entity or planning for future owners, this episode offers practical clarity on structuring your firm for long-term flexibility and value.

In this episode of SRG's The Fine Print, host David Grau is joined by Saša Mirkovic from Inspire Network to explore the art of building self-leading teams. Saša shares his journey from financial advisor to a leader in developing teams that thrive independently. Discover the importance of transitioning from advisor to CEO, the concept of being a 'multiplier,' and the role of humility in leadership. Whether you're an advisor or a business owner, learn how to create a business that can exist without you, ensuring long-term success and growth. Tune in for insights on talent density, team-based compensation, and the power of mentorship.

Get ready to cut through the noise and examine the real fine print.

In this episode of The Fine Print, David Grau Jr., President of Succession Resource Group, unpacks the critical—yet often overlooked—relationship between valuation and deal terms in today’s advisor M&A landscape. Building on previous discussions around private equity and industry aggregators, David dives into the real mechanics of how deals are financed, structured, and negotiated.

From historical norms of “one-third cash, one-third note, one-third earnout” to today’s increasingly creative term sheets boasting eye-popping valuations, this episode sheds light on how sellers can command higher prices, if they’re willing to take on more risk. David outlines the modern deal menu, including bank financing, stock-based compensation, clawback provisions, and performance-based earnouts, and explains how each option shifts risk between buyer and seller.

Whether you’re planning an internal succession, preparing for an external sale, or fielding offers from aggregators, this episode will help you understand the trade-offs that impact the final outcome. Tune in to learn why it’s no longer just about the headline valuation, but how you get paid that makes all the difference.

Key themes:

• Creative deal structures vs. traditional models
• How risk allocation influences valuation
• The rise of stock-based offers and performance contingencies
• When “highest price” doesn’t mean “best deal”

Get ready to cut through the noise and examine the real fine print.