Reasons why vendors want to sell their accountancy practice

Nicola Draper of Draper Hinks has sold well over 130 accountancy practices, so has come across some interesting reasons why a vendor wants to sell their accountancy practice.  These reasons are not listed in any specific order. Reason No 1 – Retirement The most common reason given for selling an accountancy practice is where the vendor wants to retire.  They …

What makes Draper Hinks different from other accountancy brokers?

We have three USP’s that we are proud of and feel this makes us better than other Accountancy Brokers. First – We hold meeting days for our vendors. When a vendor approaches Draper Hinks and lets us know that they want to sell their accountancy practice or a tranche of their accountancy fees, there is a process that we undertake …

Selling a business has many financial implications

THIS IS THE FIRST INVITED CONTRIBUTOR TO OUR BLOG Nicola Draper has invited a number of people to contribute to the Blog on the Draper Hinks website. Marc Ovits is a financial adviser with several advanced qualifications and many years experience in the industry. He has submitted the following:- Selling a business has many financial implications Selling your business may …

Don’t Leave it to the last minute to sell your Practice

I was recently contacted by a vendor who wanted to sell his practice. He had fees in the region of £150,000. He was a sole practitioner and had two full time members of staff. He said he had already met two buyers and had two offers on the table and did not know what to do. I discussed the two …

Selling fees up to £60,000 – a misconception

I recently had a phone call from an accountant who wanted to sell his fees. He was in his mid sixties and thought it was about time he did something about it. He had been to a seminar, run by his institute, who told him that there was not a ready market for fees of £60,000 or below. He started …

A misconception about bringing in a new partner to secure succession

In the last couple of months I have been asked a few times, by sole practitioners looking to retire, about the feasibility of taking on a new partner(s) who will eventually buy out the practice allowing them to retire. This all looks fine on paper but I would seriously warn against anyone doing this. I have heard horror stories where …