Several months ago I received a request from a chartered accountant who wanted to talk to me about selling his accountancy practice. We arranged to meet and he let me know he was going to be accompanied by his wife, who also worked in the practice. The purpose of the meeting was for me to answer any questions he had …
Why haven’t you sold your practice?
REASONS GIVEN BY VENDORS AS TO WHY THEY HAVE NOT SOLD THEIR PRACTICE. Draper Hinks has been selling accountancy practices for many years and has had a lot of successful completions. The time taken to sell a practice will depend on many things but you can reduce it down to the following important factors:- • Turnover of the practice. • …
Why a Meeting Day is important.
What happens at a Meeting Day. At Draper Hinks when we are asked to sell an accountancy practice for a vendor we find out from them where we should be looking for a suitable buyer. This would normally involve some kind of geographical search around their existing office/s. Once we have identified the area we contact suitable purchasers to find …
Want to generate more fees? Time to get more strategic with your marketing!
Vicky Boulton runs her own marketing consultancy and has been invited by Nicola Draper to write a blog for the website. Vicky has done work for Draper Hinks and has helped to bring in a substantial amount of new business. She has submitted the following contribution:- If you want to sell your accountancy practice within the next 2- 3 years, …
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 …
Points that need to be taken into consideration when selling an accountancy practice.
Nicola Draper has invited a number of people to contribute to the Blog on the Draper Hinks website. This contribution is from a solicitor based in a practice in Leicestershire. Price A contract of sale will outline how much the purchase price is for the accountancy practice, when it will be paid and by what means. Usually, the purchase price …
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 …
Confidentiality when selling your accountancy practice
The importance of keeping everything confidential when selling your accountancy practice It normally takes some time for a vendor to decide to sell their practice. It is not unusual for us to start to talk to a vendor 2 – 3 years before being asked to find a buyer. I often meet vendors away from their office to discuss the …
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 …
We had a buyer who thought he could not afford to buy a practice we were selling
Buying accountancy practice We had two instances last year where buyers thought that they could not afford to buy a practice we were selling. One practice was in the Midlands and had fees in the region of £200,000. The other practice was in the North East, north of Newcastle upon Tyne and had fees in the region of £185,000. In …