Entity structure is not just paperwork. It shapes how your firm grows, shares ownership, and eventually transitions.

In this episode of The SRG Exchange, SRG’s consulting team and general counsel break down what advisors need to know about entities and entity maintenance, and why firms often outgrow the structure they set up years ago.

You’ll learn:

• How entity design affects internal succession and equity transfers
• Why S-corp rigidity can create hidden obstacles
• What ownership classes, voting rights, and governance terms actually change
• What entity maintenance looks like in practice and why it matters
• Common mistakes that create risk during growth, M&A, or exit

Whether you are building your first entity or planning for future owners, this episode offers practical clarity on structuring your firm for long-term flexibility and value.

In this episode of SRG's The Fine Print, host David Grau is joined by Saša Mirkovic from Inspire Network to explore the art of building self-leading teams. Saša shares his journey from financial advisor to a leader in developing teams that thrive independently. Discover the importance of transitioning from advisor to CEO, the concept of being a 'multiplier,' and the role of humility in leadership. Whether you're an advisor or a business owner, learn how to create a business that can exist without you, ensuring long-term success and growth. Tune in for insights on talent density, team-based compensation, and the power of mentorship.

Get ready to cut through the noise and examine the real fine print.

In this episode of The Fine Print, David Grau Jr., President of Succession Resource Group, unpacks the critical—yet often overlooked—relationship between valuation and deal terms in today’s advisor M&A landscape. Building on previous discussions around private equity and industry aggregators, David dives into the real mechanics of how deals are financed, structured, and negotiated.

From historical norms of “one-third cash, one-third note, one-third earnout” to today’s increasingly creative term sheets boasting eye-popping valuations, this episode sheds light on how sellers can command higher prices, if they’re willing to take on more risk. David outlines the modern deal menu, including bank financing, stock-based compensation, clawback provisions, and performance-based earnouts, and explains how each option shifts risk between buyer and seller.

Whether you’re planning an internal succession, preparing for an external sale, or fielding offers from aggregators, this episode will help you understand the trade-offs that impact the final outcome. Tune in to learn why it’s no longer just about the headline valuation, but how you get paid that makes all the difference.

Key themes:

• Creative deal structures vs. traditional models
• How risk allocation influences valuation
• The rise of stock-based offers and performance contingencies
• When “highest price” doesn’t mean “best deal”

Get ready to cut through the noise and examine the real fine print.

David Grau Jr. discusses the increasing influence of private equity (PE) and industry aggregators on the valuations and consolidation trends within the Registered Investment Advisor (RIA) industry. He explores historical developments, the rise of aggregators, how their unique deal terms to boost the appearance of value is impacting advisors, as well as the long-term implications for succession planning. Grau highlights how PE's focus on high multiples and creative deal terms is shifting advisor priorities from client fit to maximizing sale value, and advises caution when engaging with PE-backed firms. Tune in to discover the intricacies of PE deals in the advisory space, the evolving M&A market and priorities, and why maintaining a focus on fit over price is crucial for your client's long-term welfare.

In this episode, David discusses strategies to keep top talent in the financial advisory industry and protect client relationships. He emphasizes the importance of creating a happy, healthy work culture and providing career tracks and mentorship opportunities. David also explores the use of equity-sharing programs to incentivize employees and build a sense of ownership. On the topic of protecting client relationships, he suggests focusing on the client experience and institutionalizing relationships within the firm. He advises against relying solely on restrictive covenants and instead recommends implementing buyout terms in case an advisor leaves with clients. David also highlights the importance of understanding broker protocol and the enforceability of restrictive covenants.

In this episode, David Grau discusses the importance of death and disability planning for independent advisors and small business owners. He emphasizes the need to separate succession planning from contingency planning and suggests dividing and conquering these two subjects. Grau explains the different agreements and funding mechanisms that can be used in death and disability planning, including life insurance, promissory notes, and revenue sharing. He also highlights the key considerations in setting the price, determining the triggers, and addressing tax implications. Grau concludes by emphasizing the importance of post-agreement best practices and practical elements in implementing the plan.