Questar to Offer Unique Business Succession Planning Services to Sanctuary Partner Firm Advisors
INDIANAPOLIS, Oct. 5, 2023 /PRNewswire/ — Sanctuary Wealth (Sanctuary), home to the next generation of elite advisors, congratulates Questar Capital Partners (Questar) founder, Gerry Spitzer, CPA, CPWA, CEPA, CRPC, on his appointment as President of the newly formed Exit Planning Institute’s (EPI) New Jersey chapter. Questar will also begin offering its business succession planning services to advisors affiliated with Sanctuary Partner Firms – another important service the firm provides its advisors to enhance their client service.
New Jersey-based Questar had been part of UBS for years before choosing partnered independence with Sanctuary in 2022. Questar has built an impressive practice by providing wealth management services to business owners and high-net-worth individuals and families.
Questar specializes in helping clients ready to sell their businesses create optimal succession plans that properly monetize their life’s work, specifically in developing Employee Stock Ownership Plan (ESOP) programs. An ESOP solution is attractive to many small to middle market business owners as it allows them to sell their company, yet still retain control for several years. Questar recruits the team needed to set up an ESOP program, including the investment bank, attorney, and valuation company and plays the role of quarterback to coordinate everyone’s participation in creating a winning solution.
“Exit planning has become one of the fastest growing aspects of our industry, thanks to the incredible number of baby boomer busness owners set to transition their businesses over the next five to ten years,” said Spitzer. “With the support and encouragement of Sanctuary, Questar provides the tools, support and expertise to help business owners achieve their goals during what is often the most significant financial event of their lives.”
Questar has used their unique program successfully to support their business owner clients for years. In partnership with Sanctuary, the team is now offering their services across the entire Sanctuary platform to allow other advisors to take advantage of the firm’s expertise to assist their own clients.
Adam Malamed, CEO of Sanctuary Wealth said, “Gerry and his team at Questar developed a proven program to help business owners reap the rewards of their labors and ensure their families, staff and customers are well taken care of when it’s time to sell. We are excited to make their services available to partner firms across Sanctuary, as part of our partnered independence model. Questar is also doing its part for the broader industry by making this service available to outside advisors. By becoming the president of the new EPI chapter in New Jersey, Gerry is taking his commitment to the industry and business owners to the next level and giving back to his community.”
“At Sanctuary, we focus on providing advisors with all the tools they need to conduct the full range of wealth management services for their sophisticated clients,” continued Malamed. “This flexible support is part of what makes our firm so attractive to breakaway wirehouse advisors.”
Exit Planning Institute’s New Jersey Chapter
EPI New Jersey Chapter will create a forum where professional advisors can collaborate to address unique needs of the local area. The Chapter, under Spitzer’s leadership, will develop educational programs for business owners and professional advisors to build awareness and better prepare owners for the successful exit of their business. It will also develop and encourage the adoption of best practices for the exit planning profession and promote the common business interests of those advisors engaged in the profession of exit planning.
Spitzer added, “The new EPI chapter will bring together a collaborative group of New Jersey leaders to educate the local marketplace on business growth and transition issues as owners look toward their futures.”
The scale of exit planning
According to a recent State of Owner Readiness™ Survey, the U.S. is expected to transition six million businesses over the next 5-10 years. Baby boomer business owners, who are at or near retirement age, own 66% of all the businesses in the country. A recent study by EPI found that most baby boomer owners have not accounted for their ultimate exit transition. Without proper planning, owners may receive a lower price than their business is worth or fail to find a buyer.
Spitzer concluded, “”These owners, who have put so much of themselves into building their businesses, need to know they are not alone during this often challenging time. The elite network of Sanctuary Partner Firm’s support most other financial need in the lives of these business owners so it is an honor to be part of a solution that can address their life’s work and help ensure the successful exit they deserve.”
About Sanctuary Wealth
Sanctuary Wealth (sanctuarywealth.com/) is the advanced platform for the next generation of elite advisors, who have the entrepreneurial spirit to build and own their own practices and desire the freedom to deliver the tailored service their clients deserve. Sanctuary Wealth’s ecosystem of partnered independence provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses. Currently, the Sanctuary Wealth network includes partner firms in 28 states across the country with approximately $25 billion in assets under advisement. Sanctuary Wealth includes the fully owned subsidiaries; Sanctuary Advisors LLC, an SEC-registered investment adviser, Sanctuary Securities, Inc. a FINRA member broker-dealer as well as Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global, and Sanctuary Global Family Office.
Media Contact:
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Haven Tower Group
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