Some of the uncommon pitfalls a buyer can encounter when buying fees

When a buyer buys accountancy fees they are looking to minimise their risk but at the same time maximise their return. I have yet to find a buyer that pays out a significant amount of money without wanting a good return on the investment. We have come across a few pitfalls that buyers find when they buy fees. In our …

We recently sold an accountancy practice in two days from start to finish

On a Wednesday afternoon in March, we had a call from a concerned relative.  His brother had just died.  His brother was an accountant and had clients that needed looking after.  His sister-in-law, was who was now a widow, did not want to have to deal with the clients of the practice on top of her own personal grief. As …

Is there life after selling your accountancy practice?

Is it really 4 years?  Apparently, it is, I hadn’t noticed. Actually, it is nearer to 5 years ago that my wife, Kaye, my partner in our Oxfordshire based firm handed me a glass of red, looked me in the eye and said, “Do you really mean it?”  A few minutes earlier I had suggested that we’d had enough.  FRS101 …

Why you need PI runoff

Just because you have stopped working does not mean that you are not liable for the work you have done in the past – you have an open period for claims to be made as set out under the statute of limitations.  Generally 6 years past the last date at which advice was given is the accepted norm. You may …

How MTD is an opportunity to both buyers and sellers

MTD is going to be introduced in 2019. At Draper Hinks we predict that there will be many accountancy firms that will not want to embrace the changes necessary to be MTD compliant. This will affect the market place. This is a great opportunity to buyers because we envisage there will be more practices coming on to the market for …

A round up of the year – 2017

We only deal with the buying and selling of accountancy fees and to date have done over 215 deals. Although our methodology is transferable to other professions, we choose to specialise in this market place. If you work with us then you know you are dealing with a broker that has a lot of experience, market knowledge and a willingness …

How long does it take to sell a practice?

Question: How long do you think it should take to sell a practice:- • Two years? • One year? • 9 months? • 6 months? The answer – like so many – is it depends. Question: What does it depend on? Answer: Many things but mainly on the size of the practice. If you have a practice with an office, …

I did my first public speaking event in front of a group of accountants

I have just done my first public speaking event in Leicester, in front of a group of accountants from a national network. I was invited to talk about “What does a buyer look at when considering buying fees”. I covered:- • How much of the practice is being sold. • Time frame from start to finish. • What happens if …