Succession Resource Group Announces Sale of Oregon Fee-Based Advisory Practice

PORTLAND, Ore., March 19, 2020 /PRNewswire/ -- Succession Resource Group (SRG) is excited to announce the sale of Oregon-based advisor Tim Hart to Jon Lawry and Nick de Freitas of Lawry | de Freitas Wealth Management (Lawry de Freitas). This acquisition represented over $46 million in assets under management and is the second acquisition SRG has completed with Lawry de Freitas in the last two years, allowing them to continue expanding their footprint in the Portland-metro area.

Hart started his advisory practice in 1990, providing customized financial and retirement income planning advice to his loyal client base. With no internal successor apparent, Hart and his wife met with Succession Resource Group in 2019 and chose to list his practice to find a qualified successor. Hart had three primary concerns: 1) finding the right fit and a larger team that could support his clients into the future; 2) ensuring his employee was retained by the buyer; and 3) receiving the best value for his practice.

SRG began marketing Hart's practice to its thousands of existing members, as well as leveraging its relationship with Hart's broker-dealer and RIA, Securities America (SAI). On the surface, finding buyers in Portland, affiliated with or willing to move to SAI, who provide a boutique client experience was an almost impossible task. But, according to SRG, while the size of Hart's business may be too small for consolidators, it is the ideal size for his peers. SRG found and vetted over 53 qualified buyers, narrowing the group to 11 "elite" buyers with Hart's guidance, of which five were asked to submit an offer. Four offers came in at or above asking. Hart selected Lawry de Freitas as his successor, obtaining a 3.57x multiple (33.2% above industry average) and 100% cash down with no contingencies.

Kristen Grau, Executive Vice President of SRG, said, "Tim cares about his clients – you could tell from how thorough he was during the entire process. We are thrilled that we could connect Hart with Lawry de Freitas. Lawry de Freitas are skilled advisors, and now experienced buyers. They will provide fantastic service to Hart's clients and continued opportunities for Hart's staff." Lawry added, "We are grateful to have the opportunity to take over Tim's practice and excited to add another chapter of growth to our company, including the addition of Angela to our team who has been a seamless fit and helped solidify our long-term vision."

About Succession Resource Group
Succession Resource Group is an award-winning Portland, Oregon based consulting firm specialized in helping advisors nationwide with valuation, M&A, succession, and practice management solutions. With decades of combined industry experience, SRG brings a unique combination of skills, resources and industry expertise to help advisors.

Contacts
Succession Resource Group
David Pan – Marketing and Brand Manager
Email: [email protected]

SOURCE Succession Resource Group, Inc.

Related Links

https://www.successionresource.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED