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Draper Hinks Newsletter February 2018 |
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Hello, I’m Nicola Draper. I run Draper Hinks and have done so since 2004. We sell only accountancy fees and have completed over 215 deals. We are very active in the market place for buying and selling accountancy practices. I deal with all the sellers, so if you are looking to sell in the near future, please email me at n.draper@draperhinks.co.uk |
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| Nicola Draper founder Draper Hinks | |||||||
| Build your business – buy a practice | |||||||
| Draper Hinks is a very successful business brokerage working only with accountants in practice. We cover the whole of England and no practice is too big. If you are looking to sell or to buy fees then talk to us. We have a lot of experience and are happy to share it with you. Anything discussed will be totally confidential. | |||||||
| Here are three case studies of practices we have sold within the last 12 months:- | |||||||
| No. 1 | |||||||
| Fees sold | £440,000 | Where | South West | ||||
| Qualified | FCA & ACA | Age/s | 77 & 49 | ||||
| Time scale | 12 months | Type of Practice | 2 Partner practice | ||||
| Payment | 3 tranches | How paid | 40%, 30% & 30% | ||||
| Multiple | 1.1 x fees | When paid | Comp, 12 & 24 months | ||||
| Offers | 2 offers | Office & staff | Kept office and all staff | ||||
| Results | Older Partner retired, younger Partner staying on post sale for 2+ years | ||||||
| No. 2 | |||||||
| Fees sold | £250,000 | Where | London | ||||
| Qualified | QBE | Age | 45 | ||||
| Time scale | 7 months | Type of Practice | Sole Practitioner | ||||
| Payment | 3 tranches | How paid | 33%, 33% & 33% | ||||
| Multiple | 1 x fees | When paid | Comp, 12 & 24 months | ||||
| Offers | 2 offers | Office & staff | Office shut, some staff retained | ||||
| Results | Vendor now concentrating on his other business interests | ||||||
| No. 3 | |||||||
| Fees sold | £200,000 | Where | Milton Keynes | ||||
| Qualified | FCA & QBE | Age/s | 46 & 42 | ||||
| Time scale | 5 months | Type of Practice | 2 Partner practice | ||||
| Payment | 3 tranches | How paid | 40%, 40% & 20% | ||||
| Multiple | 0.85 x fees | When paid | Comp, 12 & 24 months | ||||
| Offers | 3 offers | Office & staff | Office shut, some staff retained | ||||
| Results | One Partner working for buyer, other Partner is out of accountancy completely. | ||||||
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Hello, I’m Diane Crawley and I am the Office Manager for Draper Hinks. If you are a buyer, we want to hear from you. We want to know where you want to buy and many other details to make sure we can contact you when we have an opportunity that may be of interest to you. So please call me on 01788 816440 or email me at d.crawley@draperhinks.co.uk. |
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| Diane Crawley, Office Manager | |||||||
| Here are three testimonials from vendors that were happy with the service offered by Draper Hinks in 2017:- | |||||||
| Testimonial 1
“I was researching online and came across Draper Hinks. I have found the experience very good and they arranged for us to meet with three potential buyers. The process has been straightforward and they have been easy to deal with. All sellers should use them because they widen the search for potential buyers and were interested in our objective to sell our practice.” Vendor – Val Lloyd FCCA Cambridgeshire |
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| Testimonial 2
“I heard about Draper Hinks from mail shots received. They have been efficient all the way through and gave me invaluable information on how the selling process works. They are very knowledgeable about selling Accountancy practices. I felt good and felt it safeguarded me against possible risks. I got the best possible outcome from the sale. You should always use a broker. Nicola told me things I would never have thought about and it protected me and earnt me more money.” Vendor – Julia Steel MAAT Leeds |
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| Testimonial 3
“I heard about Draper Hinks from a mailing. Draper Hinks provided the personal touch I was looking for, very professional with excellent advice but also friendly and approachable. Was always well informed. I always felt valued as a client and could talk openly about anything. I recommend anyone considering selling should use a broker and, of course, would recommend Draper Hinks.” Vendor – Chris Elsey FCA Hampshire |
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Practices for Sale
| Reference | Area | Amount | Description | ||||||||||||||||||||||||||
| 201/180205 | Yorkshire | £200,000 | Two Directors looking to fully retire. No staff and no office so fees can be moved to your office. Vendors offering fees at a significant discount and are looking for a one off payment of 65% on completion with no further payments. Meetings with the vendors on Tuesday, 27th February 2018. | ||||||||||||||||||||||||||
| 202/180205 | Hampshire | £600,000 | Vendor looking to retire. Leasehold office, lease expires summer 2018 but can be renewed. Four full time staff and three part time staff. Practice growing year on year. Top 20 clients have fees of £97,326. Meetings with the vendor on Tuesday, 27th February. | ||||||||||||||||||||||||||
| 203/180205 | Worcestershire | £57,000 | Vendor looking to retire. Practice is VAT registered. One member of staff works approx.. one morning a week. One sub contractor, hours vary. Works from home so fees are portable. Meetings with the vendor on Tuesday, 27th February. | ||||||||||||||||||||||||||
| 204/180205 | Surrey | £38,000 | Vendor looking to retire. Not VAT registered. Buyer needs to be qualified. No office, no staff, fees portable so can be moved to your premises within local area. Meetings with the vendor on Tuesday, 6th March. | ||||||||||||||||||||||||||
| 205/180205 | East Sussex | £60,000 | Vendor looking to retire. All fees are for service charge accounting for property management companies. Buyer must be qualified and have experience in this area. Practice is VAT registered. No staff, no office, fees portable so can be moved to your premises within local area. Meetings with the vendor on Tuesday, 27th February. | ||||||||||||||||||||||||||
| Income Multiples Paid in the last 12 months | |||||||||||||||||||||||||||||
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| Current News | |||||||||||||||||||||||||||||
| MTD will affect the market place this year. Vendors that do not want to embrace MTD will want to sell their fees. This happened in 2017, when MTD was due to be introduced, but was delayed by the announcement of the general election. We witnessed an influx of practices for sale which caused income multiples to dip. We have seen this before and want you to be ready to take advantage of what is on the market when it comes up. | |||||||||||||||||||||||||||||
Lisa Watson, Admin Assistant |
Hello, I’m Lisa Watson 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 the person to notify if you wish to update your records. Please email me at l.watson@draperhinks.co.uk stating: Ø Please remove me from all Draper Hinks correspondence Ø Please remove me from the Draper Hinks Newsletter but continue to let me know of buying opportunities in my area. |
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| Next step | |||||||||||||||||||||||||||||
| We want to hear from you if you want to sell or buy fees.
If you are looking to sell your fees then email Nicola at n.draper@draperhinks.co.uk. If you are looking to buy fees then email Diane at d.crawley@draperhinks.co.uk. |
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