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 to make sure they are ready to sell. We get a lot of information from them about what it is they are selling, when they want to sell, what their practice looks like, what systems they use, what staff they have etc etc. All of this information forms the Profile of the accountancy practice.

Buying accountancy practiceWe then contact buyers in the area, who are looking to buy an accountancy practice, to find out if they are interested in buying this practice and we inform them as to when the meetings are being held with the vendor. At this point there is no mention of the vendor’s name or whereabouts of the accountancy practice. Anonymity is paramount at this point. The potential buyer has to sign our terms and conditions which includes a confidentiality clause. Once this has been received by us we release the profile information. If the buyer wants to have a meeting with the vendor we reserve a time slot on the meeting day. The vendor is inviting the buyers to the meeting day so that the vendor can interview all buyers to find out which buyer would be most suitable to take on the practice. It is a two way process and the buyer is at the same time, deciding if they would like to buy the practice.

We would aim for no more than four or five meetings at a meeting day. Each meeting is held on a one to one basis and is totally confidential. The vendor discusses the sale with each buyer and tells the buyer what they are looking for in the way of a deal. At the end of the day the buyer knows how the vendor wants to be paid, what income multiple is to be used, understands the time frame for offers to be submitted and when completion is to take place. All offers are sent to Nicola Draper and then forwarded to the vendor. By having a meeting day, the vendor will have a choice of offers and the time frame for completing the deal is reduced significantly.

Second – We hold Drop in Meeting days.

Vendors are often unsure about the process of how to sell an accountancy practice. Nicola Draper travels around the country meeting vendors face to face to discuss with them any issues they may have about how and when to sell their fees. These meetings are held in hotels away from the office of the vendor and are completely confidential. Many vendors have said how much they appreciate a face to face meeting with an expert in this field. Selling an accountancy practice can be a very emotional decision and talking to someone who has over a decade of experience can reduce any anxiety over what the next step should be and when.

Third – Draper Hinks has a hands on approach.

We work with the vendors and buyers to broker the deal. We have very regular contact, often daily and sometimes more than that. We work closely with both parties and like to know that things are progressing. We like to know when meetings are being held and like to get feedback from meetings. We are copied in on emails so can see immediately if there is a problem and can intervene at an early stage to get things ironed out.

We are proud to have the good reputation we have in the market place and have sold well over 100 accountancy practices in the last few years. We only sell accountancy practices and we know what we are doing.

If you want to talk about this, or any other matter please email me at n.draper@draperhinks.co.uk quoting reference Blog 150602