Succession Resource Group Closes Boston Area Deal Between Neil McInnis and George Webb
PORTLAND, Ore., June 27, 2019 /PRNewswire/ -- Succession Resource Group (SRG) is pleased to announce the sale of Neil G. McInnis of Pension & Wealth Management Advisors (McInnis) to George P. Webb (Webb), representing over $94 million in assets under management in the Boston area. The firm closed the sale on June 26 and will continue doing business under the Pension & Wealth Management Advisors name.
SRG began working with McInnis in December 2016, completing a valuation of his practice and beginning to consult with him as he contemplated retirement. In 2017, McInnis had affiliated his business with a larger RIA, thinking that this firm would be the ultimate successor. However, he discovered that the cultural fit and financial arrangement presented were not ideal for his business. In late 2018, he fully retained SRG under the Seller Advocacy Program to help him negotiate a sale with vetted and qualified candidates who fit his criteria. With over 30 years in the industry, his primary concerns were to find a buyer with the same high standards of integrity, fiduciary responsibility, and client service that he provided to his clients.
SRG, using their extensive network of interested buyers and channel partners, were able to identify over 107 interested candidates and narrowed their search, of which seven 'elite' buyers were selected and given the opportunity to submit an offer, all facilitated by SRG. McInnis received six offers above asking and after careful consideration accepted Webb's offer, highlighting the strong professional fit with his clients and an attractive post-transition consulting package presented.
Kristen Grau, Executive Vice President of SRG, said, "We are thrilled that Neil was able to find such a great successor in George. Throughout this process, we stress a combination of fit and financial package to our seller clients, and George did not disappoint. We know George will be a worthy successor for Neil's business."
Following the recent closing and funding of their deal, McInnis shared some insights towards his experience, "The evolution of the advisory business can be daunting or rewarding. My experience has lead me to believe that who you partner with is a major predictor of that outcome. To this end, SRG was instrumental in their partnering with me. They were also able to partner me with a great successor team to build Pension Wealth into an enduring enterprise. On the ground level, [SRG was] instrumental in vetting high quality options for a successful succession plan for Pension Wealth." Webb further added, "Working with SRG was a high-quality experience from start to finish. The team has a deep knowledge of the business and were very effective in managing the transaction from the initial inquiry all the way through the completion of the transaction. We look forward to using them in the future for additional acquisition opportunities."
About Succession Resource Group
Succession Resource Group is a boutique succession consulting firm specialized in helping advisors value, protect, merge/acquire, and develop exit strategies for their business. With decades of combined industry experience, SRG brings a unique combination of skills, resources and expertise to help advisors from start to finish.
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SOURCE Succession Resource Group, Inc.
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