Case Study

Quest Successfully Navigates a National Firm Integration for Financial Service Client

When a financial service business approached Quest with the intention of finding a national firm to support their goals, balancing moving pieces and conversing needs became crucial. Quest guaranteed a successful merge between three existing partners and succeeded despite the varying objectives for each individual.

Quest began by gauging the overall fit from both a culture-oriented and goal-oriented perspective with value expectations. Rather than seeking compromise, Quest sought to fulfill each partner’s individual goals and needs for an optimal integration. Applying the specifics around each partner’s individual circumstances including length of work and roles within the organization was necessary for a smooth transition.

Among the three separate partners, Quest had to adopt and accommodate the perspective of each—including a partner with retirement definitively on the way, one seeking to continue with the firm indefinitely, and an undecided party with the ultimate intention of retirement.

As a result of hiring Quest, the opportunity for partnership was successfully maintained despite financing issues, COVID-19 complications, and miscommunications between buyer and seller. The new firm is now fully operational and integrating their individual cultures to create new opportunities for their combined team, all while creating more service offerings for their customers.

With all of the moving pieces, we certainly required a facilitator of some tough decisions.

THE CHALLENGES

  • Partners at different career stages: definitively retiring, continuing indefinitely, and undecided with the intention to retire
  • Complications related to COVID-19
  • Inconsistencies in partner alignment
  • Miscommunications between buyer/seller

THE SOLUTIONS

  • Quest identified compatibility from both a culture and goal-oriented standpoint
  • Identified specific requirements for each selling partner with regard to their individual circumstances, pertaining to three individual partners’ separate objectives
  • Developed a growth path for new firm leadership opportunities for the indefinite partner
  • Navigated all future firm options and exit options with satisfactory payment terms for the undecided partner

THE RESULTS

  • Successfully found and received offers from 6 credible suitors that included interest from 50 national firms
  • Leveraged our tax expertise to ensure a tax efficient plan that was beneficial to all shareholders
  • Achieved the valuation objectives of our customer without compromising future opportunity