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THE SUCCESSION PROBLEM

The value is real, the buyers are thin, and the clock is running

Partnerships approaching succession face a narrow set of options — sell to a consolidator, fund an internal buy-in, or wind down and hope. A licence releases value without committing the firm to any of them.

Check your data Six questions, roughly two minutes.
No consolidator, no buy-in, no wind-downFirm and ownership unchanged$100K to $2M paid to the firm

THE SUCCESSION QUESTIONS

What retiring partners ask

Does this reduce what the firm is worth in a sale?

It does not sell the business or the underlying data, and it does not set a price on the firm. You keep the record and can still sell the firm with it.

Do all partners need to agree?

Your governance determines that. No equity is issued and no debt is created, which is usually what the question turns on.

We are winding down anyway. Is it too late?

Better before than after. A record that has been switched off and deleted is the one genuinely disqualifying case.

How is the money distributed?

It is payment to the firm for a licence. How partners divide it is entirely an internal matter.

WHY THIS FITS SUCCESSION

It releases value without deciding the firm's future

  1. No buyer has to be found. We are the counterparty, and there is no market in which the firm has to be marketed.
  2. Incoming partners are not asked to fund anything. A buy-in is capped by what they can borrow; this is not.
  3. The decision is reversible in the sense that matters — nothing about the ownership or future of the firm is settled by it.
  4. A long history is an advantage here rather than a depreciating asset. Tenure is the strongest single factor in what we pay.

SPEAK WITH A MANAGING PARTNER

Realise something before the lights go off

Six questions and a private conversation. Nothing you tell us leaves Polyshares.

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