The Power of One - BWM
By KEN MASSON
JOHN RAFAL’S CHILDREN HAD MADE IT CLEAR that they had no intention of becoming financial advisers when they grew up. So when Rafal sat down to consider his succession plan five years ago, it had a pretty big hole he’d have to fill. Selling out to a competitor or an employee was out of the question: a competitor might not share his approach to client service, and an employee might not be able to pay full value for a firm he’d spent 20 years building. Besides, Rafal, president of John W. Rafal & Associates in Essex, Conn., was only 48 at the time and wanted to continue working€”and any competitor or employee he sold to would most likely expect him to make a quick exit. Finding the right dance partner wasn’t going to be easy.