Financial planning is a young industry. The International Association of Financial Planning--one of the predecessors to the Financial Planning Association--was formed less than forty years ago. But as the profession's first tier of advisers reaches maturity, the decisions that may be part of transition planning for their firms loom large. A sale? A partner buyout? A merger? No matter what the choice, its viability hinges on one critical issue--the value of the firm.

Unfortunately, many advisers--whether veteran or novice--simply don't know the worth of their practice or how to...