BKLM ADVISOR INTELLIGENCE · OCTOBER 2026
Deal volume cooled. Your preparation still compounds.
What a slower quarter can—and cannot—tell an owner considering succession.
Published October 20, 2026 · BKLM Consulting
The latest DeVoe report changes the tone of the RIA transaction discussion. Its October 15 release counted 77 third-quarter deals, down 17% year over year, with 244 through September. It also recorded 41 transactions involving sellers above $5 billion in AUM, already a full-year record for that group.
For an owner, that combination calls for a careful reading. Transaction volume describes how many deals were announced. It does not establish a market-wide price for an individual firm. Nor does a large acquisition elsewhere tell you what a buyer would pay for your business, on your terms, at your preferred time.
Build a picture of the business a buyer would inherit
Start with financial information that can be explained consistently. Separate recurring operations from unusual expenses and document the assumptions behind adjustments. A clear explanation of revenue, staffing, margins, and reinvestment needs makes a more useful starting point than an unsupported valuation target.
Then examine continuity. Who maintains the key client relationships? Which responsibilities still depend entirely on the founder? Can another person carry out the core workflows from the documentation available today? These questions are useful whether the next owner is an outside buyer, an employee, or a family member.
Evaluate the structure of an offer
A headline price is only one part of a proposal. Compare the amount paid at closing, the conditions attached to later payments, any equity you retain or receive, and the work expected of you after the transaction. Put those elements on a consistent timeline so that offers can be discussed on comparable terms.
Clarify what you would be able to influence after closing. If a future payment depends on performance, understand the measurement, the resources supporting that performance, and the decisions that remain within your control. Transaction, legal, and tax advisers can help test those details against your circumstances.
Use the planning period productively
Even an owner who does not intend to sell soon can use this framework. A practical year-end project is to assemble a firm information file: financial reporting, ownership records, key agreements, staffing responsibilities, client-service processes, and a list of unresolved succession questions.
Review it with the people who would carry the business forward. The gaps often reveal useful operating improvements well before a sale becomes relevant.
BKLM Perspective
Prepare for the transaction you would be willing to complete, rather than chasing a multiple detached from its terms. Your objectives may include liquidity, continuity for clients, opportunity for employees, or a gradual change in your own role. Making those priorities explicit helps you judge whether a proposal advances the outcome you actually want.
Discuss your succession or transaction goals with BKLM Consulting.
Put competing offers on one page
- Cash at closing. Separate the headline consideration from the amount available at closing. Record deductions, holdbacks, and the assumptions used.
- Later payments. Write down the timing, performance measures, and conditions. Identify which outcomes you can influence after closing.
- Equity. Identify what you would own, how it is valued, what rights accompany it, and the available path to liquidity.
- Your next role. Specify responsibilities, required time, compensation, decision authority, and the intended transition for client relationships.
Your next step: Use the same rows for each proposal, with unresolved points clearly marked. Review the comparison with transaction, legal, and tax advisers before treating two headline prices as equivalent.
What does this mean for your practice?
Start a focused conversation about the value drivers, continuity, and ownership questions that matter to you.
Source
DeVoe & Company, Q3 2026 RIA Deal Book highlights, October 15, 2026. The preparation and offer-comparison framework above is BKLM editorial analysis, not a firm-specific valuation.