Dealer Groups accredited by the Commonwealth Bank of Australia’s financial planning banking (CBA FPB) team will now be able to access a Private Broker Network (PBN).
The PBN is established to provide dealer groups and their advisers with acquisition and succession support.
“CBA’s PBN is an industry first and a very unique offering which has been introduced due to increased interest from dealer groups to identify and attract acquisition opportunities for their networks,” CBA FPB market development executive Ian Anderson told InvestorDaily.
“The PBN brings together a partnership of four industry specialists including CBA financial planning banking, which will assist in the area of financing, and independent specialist provider for the planning industry the Encore Group, which will assist with consulting, information preparation, valuations, and due diligence.
“Mills Oakley Lawyers will provide legal support in terms of deal structures and tax planning, while the fourth industry specialist, Practice Exchange will look over things from a business broking perspective, and assist with things such as listing and negotiations.”
CBA accredited dealer groups who use the PBN will have access to their own web portal, which provides information on acquisition, merger and joint venture opportunities, potential successors and secure practice finance, Anderson said.
“As the transaction progresses, face to face contact with PBN specialists is available and in a couple of weeks, a public domain area will also become accessible via the web portal,” he said.
“This will enable practices to look at opportunities external to their dealer group as well as the 17 CBA-accredited dealer groups.”
PBN benefits include privacy, control and growth of recurring revenue, total succession solutions and easier access to finance. PBN specialists also help to ensure it is a more successful, cost-effective, low-risk and timely transaction, Anderson said.
