Ask Brad: How to Double the Value of Your Practice
This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.
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Have you ever seen a seemingly successful restaurant go out of business, one you’ve visited multiple times, always finding it busy?
While not always the culprit, a common cause is the restaurant’s lease was up for renewal, and it could not afford the new lease rate demanded by the landlord. An otherwise successful business shut down because it did not own the property.
Or consider my attorney friend who has his own law firm. He has leased the same office space for 20 years. Two decades in, he has not a cent of equity in his office. His landlord, in turn, has done quite well.
These examples remind you of real estate's importance to your business. It is a message so important that it could double the value of your practice.
Here are two lessons to double the value of your practice: