As a CPA at Grant Thornton, Patrick Jinks consulted with many business owners, including those who went through the process of selling those businesses. Jinks has brought that expertise to his new position at Raymond James Financial Services as director of practice planning and acquisitions. Jinks joined Raymond James in April 2011 and took on his new title two weeks ago.
The coaching and consulting that Jinks (left) and his team provide to advisors at Raymond James Financial, RJ’s independent contractor broker-dealer, starts in some cases before a representative even joins RJF. “I have conversations around what it takes to be a sound business entrepreneur, to make decisions before your doors open,” Jinks said in an interview Thursday. Once they do join Raymond James, Jinks and his team’s job is to help those advisors grow their firms through coaching and consulting, partly through Raymond James’ Practice Intelligence program (see April 2011 Research magazine article on that program), and to be “good stewards of their businesses,” which includes succession planning help and, when desired, help with acquiring other advisory firms as part of their growth strategy.
The Wednesday announcement of Jinks’ new title said that included in the support services provided by Jinks’ team will be financing from Raymond James “for the purpose of providing liquidity for practice sales and/or acquisitions.” Jinks says that process begins with a determination by an advisor that he wants to grow by way of acquisition, but “everything is based on an individual’s circumstances,” and that “we don’t force them” into making any deal.
Jinks says that at the moment he’s consulting on a “half-dozen strategic acquisitions” among Raymond James advisors. He consults on the “art of the deal,” on valuations and on evaluating a target firm’s client bases. Client retention, he says, is the most important part of any such acquisition, both from a cultural-fit point of view but also, often, financially. As for deal structures, Jinks says “we don’t dictate what they should be.” Rather he “ensures that they are making a sound business decision” and then provides coaching and guidance on best practices around a deal.