Draper Hinks Newsletter
Issue 4 2019
Hello, I’m Nicola Draper. I run Draper Hinks and have done so since 2004. We sell only accountancy fees and have completed over 290 deals.
We are very active in the market place for buying and selling accountancy practices. I work with all the sellers, so if you are looking to sell in the near future, please email me at firstname.lastname@example.org.
|Nicola Draper founder Draper Hinks|
|Sell your fees – reap the rewards|
|Draper Hinks is a very successful business brokerage working only with accountants in practice. We cover the whole of England and sell practices and tranches of fees of all different sizes. If you are considering selling your fees then get in touch.|
|Here are three case studies of practices we have sold within the last 12 months:-|
|Fees sold||£316,987||Where||South West|
|Qualified||FCA FCA FCA||Age||68, 66 & 61|
|Time scale||7 months||Type of Practice||3 Partners|
|Payment||3 Payments||How paid||33% 33% 33%|
|Multiple||0.85 x fees||When paid||Comp, 12 and 24 months|
|Offers||2 offers||Office & staff||Office and staff retained|
|Results||1 Partner retired, 1 stayed on 12 months and 1 remained p/t for 3 yrs reducing time worked|
|Time scale||8 months||Type of Practice||Sole Practitioner|
|Payment||2 tranches||How paid||50% and 50%|
|Multiple||1 x fees||When paid||Comp & 18 months|
|Offers||2 offers||Office & staff||Office and staff retained|
|Results||Vendor concentrating on his property portfolio|
|Qualified||FCA & QBE||Age||56 & 57|
|Time scale||3 months||Type of Practice||2 Partners|
|Payment||1 off payment||How paid||100% paid at a discount|
|Multiple||0.65 x fees||When paid||Completion|
|Offers||2 offers||Office & staff||No office and no staff|
|Results||Both vendors moved to the south west to retire, enjoy life and relax|
|Hello, I’m Diane Crawley and I am the Office Manager for Draper Hinks. If you want to meet with Nicola Draper to talk about selling your practice in confidence, then please contact me so that I may arrange an appointment for you. You can call me on 01788 816440 or email me at email@example.com.
I also deal with all the buyers for Draper Hinks so if you are thinking of buying fees please get in touch.
|Diane Crawley, Office Manager|
|Here are three testimonials from vendors that were happy with the service offered by Draper Hinks in 2018:-|
“I heard about Draper Hinks through circulars. Draper Hinks has a good reputation. There was an initial meeting that was professional and straight away we felt we were in good hands. We found dealing with them was easy. Nicola was able to anticipate our concerns and quickly gave good advice. There was a lot of information that needed to be pulled together for the report, the buyers said it was a lot more than they were used to seeing. I would be more than willing to recommend Nicola. Without DH to steer us we would never have coped. A broker can help the vendor avoid a lot of the mistakes that might otherwise be made.”
Vendor – David Shackleton Cheshire
“I found out about Draper Hinks from their mail shots. We met with Nicola a couple of years before the sale and thought DH were a company we could work with. We have found working with Draper Hinks to be excellent. They always responded promptly to our queries. First impression was that they were professional and knowledgeable. The process was seamless. They helped us through what was a new and stressful process. You should use a broker because of their expertise, back up and market knowledge.”
Vendor – Robert Miller Hertfordshire
“I heard about Draper Hinks from a letter sent in the post. Working with Draper Hinks has been very easy. They are approachable but also very professional. I found them easy to talk to. The interview process with buyers was very well arranged. They were always available to talk. When selling your practice it is important to always have someone else to talk to.”
Vendor – Michael Hanby County Durham
Meet with Nicola
Would you like to have a face to face meeting with Nicola Draper, to talk about your own situation in confidence? These meetings are free and you will get the chance to ask any questions that you may have about the process, market conditions, expected multiples, time scales, etc.
Nicola will be happy to have a meeting with you to discuss the sale of your practice, if you have over £150,000 GRF (Gross Recurring Fees) and are looking to sell these fees within the next 12 months. It is important that you are not already talking to another broker and do not have an existing buyer interested in buying your fees.
The meetings will take place at the XX XXXX XXXX on Tuesday 29th May 2019. Appointments get snapped up very quickly, so you will need to book your time by Friday 18th May 2019. The available time slots are 10.30am – 12.30pm and 1.30pm – 3.30pm. In order to reserve your appointment please contact Diane Crawley. You can email Diane at firstname.lastname@example.org or phone her on 01788 816440 quoting reference DIM/LIN/199909.
However, if you do not meet the criteria specified above, and want to sell fees below £150,000 GRF, we are still very keen to hear from you. In which case Diane will arrange a telephone or Skype appointment with Nicola. Nicola will cover all the same areas as a face to face meeting including any questions you may have. Please contact Diane to arrange an appointment on 01788 816440 or email her at email@example.com.
|Income Multiples Paid in the last 12 months|
Welcome to the next instalment of David’s story since selling his practice through Draper Hinks in October last year.
In 2 months’ time all clients will have been through the “cycle” and I should start feeling the benefits of others doing the work and getting themselves known to the clients. The plan is to reduce my hours and to start looking for consultancy work to benefit myself and in the process generate opportunities for the new firm. One thing is certain we have not regretted our decision. With the steady increase in regulation and red tape we could never have coped and done all the work needed for our existing clients.
Where I had miscalculated was the amount of time it has required to reassure clients that they are in good hands and to deal with any issues that arise, which require my knowledge of the client. It has meant time with my new colleagues to explain our former clients’ backgrounds and special needs. There is a need for greater diligence in maintaining the files so that whoever picks up the job next year has all the information they need and this is all where they expect to find it.
One thing I would suggest is to try and arrange for new referrals generated by the seller to be counted as negative claw back. It is only fair. There will be clients who leave for no apparent reason. There will be those who only see negatives. There will be mistakes by the buyer however hard one tries to avoid them. But for the sale to work well for all concerned there needs to be some motivation for the vendors to generate new business to replenish lost clients in both their interests and the purchasers – there is less clawback and the purchaser stands to get a better deal.
Lisa Shenton, Admin Assistant
|Hello, I’m Lisa Shenton and I am an Admin Assistant at Draper Hinks. I am the person that will be sending these regular Newsletters to you so look out for emails from me in future.
I am also the person to notify if you wish to update your records in any way so please let me know if you move office or change your email address. I can also remove you from receiving any future Draper Hinks correspondence.
Please email me at firstname.lastname@example.org.