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On this episode of FA Tips we talk about WHY A PRACTICE VALUATION MATTERS We’ve discussed the importance of getting a practice valuation and how crucial it is to the success of your business. Why? Because it paints an accurate, unbiased picture of the state of your business, allowing you to better understand its financial health and what steps are needed to improve its value. In addition, it will help you determine how best to position your business for growth and profit. Bottom line, a valuation gives you information and insight that you need to create a meaningful and achievable plan. On the move? Practice valuations are valuable in all stages of a business’s lifecycle, but they can be especially important for advisors who are considering switching broker-dealers or have made the decision to switch and are weighing their options. Usually, when advisors make the decision to switch broker-dealers, they’ve taken some time to reflect on their current situation. After all, there’s a reason why they are looking for a change. By getting a practice valuation, advisors can further examine what their business is worth, where they need to make improvements and the areas where they need better broker-dealer support. That’s why a practice valuation is a critical component to making a better plan of action as they look into new broker-dealers. Having an accurate picture of the state of your business makes it easier to fully weigh all your options. You want your business’s true needs on the top of your list, so you can ask broker-dealers the tough questions surrounding how they will help you bridge the gaps in the areas of your business that are weaker. Money talks. When you get right down to it, a practice valuation can ensure that you’re getting the deal you deserve. You’ve invested a lot of time, effort, and energy into your business, and as a result, you’ve formed an idea of it’s worth. But now’s the time to get an experienced outsider’s look on the worth of your business. And once you have that, you can confidently negotiate for a great deal from a potential broker-dealer. And if you’re not satisfied, take your business elsewhere. Whether you’re looking for a new broker-dealer, a practice valuation, or both, 3xEquity has the solution for you. We can not only help you throughout the process of switching broker-dealers, but we can also get you easy access to our Practice Valuation Optimizer Tool, a quick and easy online valuation. Get the process started today by visiting 3 ex equity dot com. For more episodes in our FA Tips series, search for 3 ex equity on Spotify or click the Spotify tab under webinars at 3 ex equity dot com.