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The Goal
The original owner of Chrysalis Lifestyle Financial Planning was stepping back. Mark and Mike were the succession plan. A business changing hands, a mountain of things that needed to happen for it all to work, and ambitions to evolve the business beyond where it currently sat.
They knew they needed strategy, structure and support to pull it off. A framework for making decisions together. A way to stay accountable to the big picture while managing the daily demands of running a practice and looking after clients.
The Gap
The business had good bones. It just needed a systems, process and people renovation.
That renovation list was long. Paper files in a compactus room. Technology that hadn't kept pace. Staff culture that saw turnover every year. An investment philosophy that needed review.
And the looming question of how to buy out the original owner without it going pear-shaped.
Mark and Mike are aligned in their values, their ethics, and their work approach. But alignment on vision doesn't automatically translate into execution on the ground.
Without external support, they were limited to their own ideas of what they thought was right.
They needed a sounding board and a clear structure to keep them on track.
The Gamble
They chose Dean and The Wealth Network because his approach was different from the templated coaching they'd seen elsewhere.
"He's got a lot of experience in the business side of things, overlaid by obviously advising experience. So rather than theoretical, it's practical."
Dean's willingness to share stood out from the start. "He's an open book, so he's not holding his IP to himself. Even before we became clients of his, he's happy to give us his IP."
That openness led to quick wins. Quick wins from leveraging his IP and insights from the community. And from Dean always knowing someone who could help in certain areas with his digital rolodex of industry contacts.
"We probably signed up thinking that, you know, we could do this for 12 months and then carry on ourselves. But here we are three years later, still with Dean and happy to be working with Dean still."
The Grit
Building momentum took time. "It probably takes a good 12 months to get a little bit of momentum with using Bloom and using the new
systems."
The strategic approach put structure around their thoughts and business growth plans.
The cadence of quarterly planning and annual planning with The Wealth Network community. Weekly accountability calls. And one-on-one with Dean means we have time locked in the diary to work on the business, not just in it.
"Having Dean there helps us focus on that 10-year goal. If you've got it in the diary, you tend to do it."
Prioritisation shifted too. Before, they had a laundry list of things that all felt important but no real system for deciding what to tackle first. Now they sit down and get clear: these are the priorities, these things can wait
The Gain
Over the past 3 years, the team has achieved major milestones including:
A tech overhaul.
They moved from paper files in a compactus room to everything in the cloud. From Google Suite to Microsoft 365. From Midwinter to Adviser Logic. From old PCs on desks to laptops with two-factor authentication and third-party tech support. "We've pretty much re-engineered the tech side of the business."
A two-stage buyout.
They bought out the original owner in two stages, the final 20% just completed. It was done amicably with no real bumps. "A lot of those can go pear-shaped. We got through that really well." Dean supported them through the process
A genuine culture shift.
With 13 staff now in the team, they have a bonus pool that never existed before. They also have structured sales targets for advisers, but not at the cost of clients. The result is staff who know where the business is heading and feel recognised for their contribution
An integrated offshore team.
They'd always had offshore staff, but always struggled with hit-and-miss results. Now they have offshore team members who are truly part of their team.
A revamped investment philosophy.
They reviewed their investment philosophy, onboarded a new asset consultant and changed their investment approach and value proposition.
Now that all the heavy expense lifting done they're excited to build on the foundation they've established and focus more on client-facing advice.
The Gain
Over the past 3 years, the team has achieved major milestones including:
A tech overhaul.
They moved from paper files in a compactus room to everything in the cloud. From Google Suite to Microsoft 365. From Midwinter to Adviser Logic. From old PCs on desks to laptops with two-factor authentication and third-party tech support. "We've pretty much re-engineered the tech side of the business."
A two-stage buyout.
They bought out the original owner in two stages, the final 20% just completed. It was done amicably with no real bumps. "A lot of those can go pear-shaped. We got through that really well." Dean supported them through the process
A genuine culture shift.
With 13 staff now in the team, they have a bonus pool that never existed before. They also have structured sales targets for advisers, but not at the cost of clients. The result is staff who know where the business is heading and feel recognised for their contribution
Mike draws a parallel with their own work. "Dean helping an advice business is pretty much the same as us helping a client. He provides them the rigour, the structure and the direction that they need."
For two partners running a business together, that structure prevented problems that can occur in businesses of this size. The structured approach provides transparency on what each of them is focusing on. They don't get caught out. They don't have arguments.
"We've got Dean, who's potentially made the errors before or worked through certain situations before that allow us to push ahead with confidence."
Then there's the network. Tapping into other advisers every week. Everyone is facing similar challenges. People who can help solve problems.
And Dean as a sounding board. Mike might have an idea Mark hasn't seen before. Dean can say: actually, I've seen this before, it works really well. That reassurance allows them to push ahead rather than second-guess themselves
Wise words from Mark and Mike:
"We all face similar challenges. So anyone who's in the advice space struggling, they have access to a community of people who can help you solve problems. And certainly Dean is there to keep you accountable and get the business moving in the right direction."
"Dean’s not a magic wand, but he gives you the wand to be able to go and do it. And you've got to want to do it."
Wise words from Garry for advisers thinking about taking the leap:
"Just do it. It is going to be hard work. It's going to take time to build and it's not necessarily going to be an overnight success. But if you know what you want to achieve and you're willing to put the work in with the right support, with the right tools, you'll get there."
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