Jack McGrath is turning 65 in August, and he's looking forward to spending more time in Florida. In fact, he's been there for the last four months, far from the Norwell, Mass.-based advisory practice he started 21 years ago.
Just over a year ago, McGrath sold 49 percent of his business, Strategic Financial Services, to Regina Quirk, a certified financial planner who had been working with him since 2002. Thanks to financing help from his broker-dealer, Cambridge Investment Research, McGrath got paid in cash for the first half of the transaction. At the end of next year, he and Quirk will discuss payment terms for the rest of his stake in the business.