Name: ‘The Best Time to Sell Is When You Don't Have to.’
Uploaded: 2026-05-26T17:40:00Z
Duration: 3 min 13 s
Description: RIAs that are looking to sell should start the process early, and ideally when the business is thriving, to maximize leverage and options, says Shirl Penney, the CEO of Dynasty Financial Partners.

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RIAs that are looking to sell should start the process early, and ideally when the business is thriving, to maximize leverage and options, says Shirl Penney, the CEO of Dynasty Financial Partners.

https://m.wsj.net/video/20260526/d766a2a1-3884-4be6-9190-7a76f5d09f0e/1/hls/manifest-hd-wifi.m3u8

‘The Best Time to Sell Is When You Don't Have to.’

If you're looking to sell your business, again, I would encourage you to start early. You know, the best time to sell is when you don't have to. Obviously if you're not growing, if you're losing clients, you're losing team members, that's gonna be a difficult process. When things are going really well and you're thinking about, you know, "I might wanna sell the business over the next four or five years," maybe you wanna move that up, 'cause you can't time the market, as all your listeners know, and you can't time stuff in life. Whether it's, you know, issues with employees, loved ones, family members, et cetera. So if it feels right, even if it's a little bit early, it might be worth starting down the path and going through the process. You ultimately may decide that you don't wanna transact, and that's fine. But going out and testing the market I find usually not to be a bad thing, because you'll learn from it and it might open up an option to do something maybe even earlier than you thought by going through that process.

Okay.

Really importantly, get educated on the terms. If you don't understand the language, then ultimately when you get presented with term sheets, you know, you might sign up for something that you didn't realize that you signed up for. So if you don't know what a pick is, if you don't know what preference, pref stock is, liquidation preferences, you know, all of these, you know, terms. You know the old adage, Greg, right, which is, "You tell me the price you want and I'll tell you the terms." If you don't understand the ramifications of those terms, then you're putting yourself, you know, in a vulnerable position. That ties to getting surrounded by the right advisors, but it also ties to going out and reading, doing research, going to great events, like the one here at Barrett's. There was an incredible M&A symposium designed for education that took place here a couple days ago. So look for those types of events, again, as early as possible, so that you can really start getting comfortable learning those terms. And you know, lastly, when you're getting into the finals, if you're running a process, and you're starting to narrow down to a couple different suitors, ask them not for references of, you know, leaving it open 'cause they'll give you good references. Ask for the references that went poorly, because you find out who your partner is, not in times of great times or ease, you find out when things are not going as well. Maybe you miss budget, you know, for a couple quarters, or you have some challenges with, you know, employees within the business. How do they react? You know, are they a partner where they treat you like an employee? And those things, to most people, I find, really matter. So go the extra mile to do the due diligence, again, with scenarios that didn't go as well to really understand who it is you're about to partner with.