The Buyer's Boardroom

About The Buyer's Boardroom

Welcome to the wild world of M&A, where owners of wealth management firms venture into uncharted territory, hoping to strike a deal. It's a tricky path to navigate; who are the buyers? How do they think? What do they look for? How can I maximize my firm's value? How do we vet a partnership? Fear not, brave entrepreneurs! Hosts Allen Darby and Jacqueline Martinez are here to guide you through this unfamiliar terrain, helping you uncover what buyers really want and how to avoid the landmines that can blow up a deal.

Publisher

Alaris Acquisitions

Category

business

Language

en

Explicit

No

First episode

11 May 2023

Latest episode

22 Jul 2026

Latest episodes

28 episodes in the feed.

1. 

   22 Jul 2026

   Episode 28: How buyers evaluate a seller's P&L with Special Guest Jacob Vick from Beacon Pointe Advisors

   Episode 28: How buyers evaluate a seller's P&L with Special Guest Jacob Vick from Beacon Pointe Advisors Hosts: Allen Darby & Jacqueline Martinez Guest: Jacob Vick, Senior Director, M&A at Beacon Pointe Advisors Your P&L is one of the first documents buyers use to evaluate your business, but it rarely tells the whole story. In this episode, Allen and Jacqueline sit down with Jacob Vick to discuss how sophisticated buyers analyze financial statements during due diligence, what adjustments are considered normal, and which financial metrics have the biggest impact on value. Most buyers begin with three years of profit and loss statements, balance sheets, and year-to-date financials to develop an initial view of the business. While these documents provide a starting point, deeper diligence typically includes direct access to accounting systems to validate the accuracy of the numbers before closing. Many advisory firm owners run legitimate personal or discretionary expenses through the business for tax planning purposes. Buyers expect this. During diligence, these expenses are identified and adjusted to determine the firm's true operating profitability while ensuring the business still has the resources necessary to sustain growth after a transaction. After a Letter of Intent is signed, buyers typically perform a Quality of Earnings analysis to validate revenue, expenses, and cash flow. This process goes well beyond reviewing financial statements by reconciling billing records, custodial data, and bank deposits to confirm that reported earnings accurately reflect the economics of the business. Recurring advisory revenue continues to command the highest value because it provides predictable cash flow. Firms with significant commission or transactional revenue often receive additional scrutiny during diligence. Buyers are also evaluating operating expense levels, owner compensation, and whether the business has invested appropriately in people, technology, and infrastructure to support future growth. Healthy EBITDA margins are important, but exceptionally high profitability is not always viewed positively. Buyers may see unusually high margins as evidence that the firm has underinvested in staffing, technology, marketing, or leadership. The strongest businesses balance profitability with continued investment in long-term growth. One of the biggest risks for sellers is signing an exclusivity agreement before buyers have fully validated the financials. If an LOI is based only on a high-level review of the P&L, sellers may lose negotiating leverage if the buyer later attempts to reduce value during detailed diligence. Understanding how buyers underwrite financial performance before signing can help avoid costly surprises. Financial performance is only part of the equation. Buyers also evaluate leadership, transparency, succession planning, and the firm's long-term growth strategy. Owners who clearly communicate why they are pursuing a partnership and who prepare their teams appropriately often experience a smoother transaction and stronger post-close outcomes. A clean P&L is important, but buyers are purchasing much more than financial statements. They are assessing the quality and sustainability of earnings, the firm's ability to continue growing, and whether the business has been built to succeed beyond the founder. Understanding how buyers evaluate your financials before entering the market can significantly improve both deal certainty and long-term outcomes. The First Look at Your FinancialsRecasting Your FinancialsThe Quality of Earnings ProcessWhat Buyers Focus on MostUnderstanding EBITDADon't Get Trapped by the LOIBeyond the NumbersBottom Line

2. 

   22 Jun 2026

   Episode 27: Valuations - What is Your Practice Worth & How Will It Be Valued with Special Guest Kay Lynn Mayhue

   Episode 27: Valuations - What is Your Practice Worth & How Will It Be Valued with Special Guest Kay Lynn Mayhue Hosts: Allen Darby & Jacqueline Martinez Guest: Kay Lynn Mayhue, President at Merit Financial Advisors Wealth management valuations are sitting near historic highs, but not every firm is valued the same. In this episode, Allen and Jaclyn break down where RIA valuations are today, what buyers are really paying for, and why deal structure matters just as much as the headline multiple. Current Wealth Management Valuations The market remains highly competitive, with pricing moving up over the last six months. Tune in to find out headline multiples Why the Headline Number Can Be Misleading The highest multiple is not always the cleanest offer. Buyers often separate the base business from future growth assumptions, which means a large headline offer may depend heavily on earn-outs, retention payments, or aggressive performance targets. Sellers need to understand what is guaranteed, what is contingent, and what has to happen after closing to receive the full value. What Buyers Are Scrutinizing Organic growth has become one of the most important value drivers in the market. Firms with strong net new asset growth, team depth, and a credible next generation of leadership are commanding more buyer attention. On the other hand, concentration risk, weak succession planning, or a lack of reinvestment in the business can create friction in diligence and impact structure. Profitability Is Not Always What It Seems Strong margins matter, but unusually high EBITDA margins can raise questions. Buyers may interpret extreme profitability as a sign that the firm has underinvested in technology, infrastructure, talent, or future growth. The best-positioned firms are not just profitable. They are scalable, durable, and built to keep growing after a transaction. Understanding Deal Structure Most transactions include a mix of cash, buyer equity, retention payments, and potential earn-outs. Closing payments often represent 60% to 80% of the base valuation, while additional consideration may depend on client retention or future growth. Employment agreements, restrictive covenants, non-competes, and non-solicits are also standard parts of the process. The Role of Team Depth and Succession For owners who want to exit within a few years, a strong second-generation leadership team is critical. Buyers want confidence that client relationships, operations, and growth will continue after the founder steps back. Firms that wait too long to build that bench may find themselves with fewer options or more restrictive deal terms. The Coming Impact of AI AI is becoming a major strategic consideration for wealth management firms. Larger platforms are investing heavily in automation, operational efficiency, and AI-enabled infrastructure. Over time, firms that rely too heavily on manual processes may appear bloated or less scalable compared with buyers that have invested in technology. Timing the Market Owners who think they may want to sell in the next two to five years should start preparing now. If the goal is to exit shortly after a transaction, the process should begin years in advance. The strongest outcomes usually come from firms that have already addressed growth, team, operations, succession, and client retention before going to market. Bottom Line Valuations are strong, but buyers are becoming more selective. The firms that win premium outcomes are not just large or profitable. They have organic growth, durable teams, clean operations, thoughtful succession, and a clear story about why the business will continue to thrive after the deal closes.

3. 

   26 Feb 2026

   Episode 26: How Buyers Win in a Sellers Market

   Hosts: Allen Darby & Jacqueline Martinez Guest: Michael Dahlberg, Founder & CEO of Pollen Wealth Management In a competitive seller’s market, the highest price does not always win the deal. Sellers are evaluating far more than valuation multiples. In this episode, Allen and Jaclyn break down what actually separates winning buyers from the rest of the field and why preparation, empathy, and clarity often matter more than the headline number. The Seller’s Mindset Most RIA owners have never sold a firm before. Even highly successful advisors experience uncertainty when entering the process. Sellers are evaluating buyers through the lens of trust, continuity, and confidence in execution. Buyers who fail to recognize the emotional dimension of a sale often lose deals before they even realize it. Why Communication Matters More Than Buyers Think Sellers quickly lose confidence when buyers appear unprepared. Vague answers about deal structure, compensation, or post-acquisition economics signal uncertainty. Clear communication, supported by real data, is one of the fastest ways buyers establish credibility during the process. Building a Compelling Buyer Value Stack Price alone rarely determines the outcome. Strong buyers articulate a full value proposition that includes operational relief, improved practice management, expanded capabilities, and meaningful support for organic growth. Buyers who clearly explain how they improve the seller’s life and business stand out immediately. The Equity and Compensation Story Entrepreneurial sellers want upside, not just security. Buyers must clearly communicate how equity participation works, what future liquidity may look like, and how compensation structures reward growth. Complex or confusing compensation models often undermine seller confidence. Why Smaller Buyers Sometimes Win Large platforms may have the most resources, but smaller firms frequently win deals by demonstrating preparation, responsiveness, and genuine interest in the seller’s business. Sellers ultimately sell to people, not logos. Inside a Successful Acquisition Strategy Michael Dahlberg shares how Pollen Wealth Management grew from roughly $800 million to more than $8 billion in assets and what has driven their success as an acquirer. He explains how thoughtful integration, cultural alignment, and operational support help make partnerships work long after the deal closes. Mailbag: When Price Isn’t the Deciding Factor How buyers can win even when they are one or two turns below the highest bid and why offers dramatically below market rarely make it past the first conversation. Bottom Line In a seller’s market, buyers win by being prepared, transparent, and human. Sellers are not just evaluating economics. They are evaluating trust, collaboration, and who they want to partner with for the next chapter of their business.

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

9 ratings

Spotify

5.0 / 5

4 ratings

Contact The Buyer's Boardroom

Guest appearances

Does not typically book guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

Shows with a similar audience

• 

  DealQuest Podcast with Corey Kupfer

• 

  RIA Edge

• 

  Advisor Talk with Frank LaRosa

• 

  Growth Leaders of Wealth Management

• 

  The Perfect RIA

• 

  Firm Transitions with Corey Walen