In 2018 we sold a practice in the North West and the vendor was asked what tips he would give to another vendor in the same situation. These are the tips he came up with:-
1 Make sure that there is sufficient resource in place to handle the extra work involved.
a. Storage space
b. Staff capacity
c. Equipment , furniture
d. Data transfer
2 Look for maximum compatibility
a. Client type and size
b. Charge out rates
c. Time recording systems
d. Staff salaries, holidays and bonuses
3 Consider a project manager to do nothing but oversea the integration of the two practices. This is important otherwise routine work and cash flow can be interrupted. Even consider an outside consultant to help.
a. Decide on what furniture will be kept
b. Arrange TUPE interviews with Solicitors
c. Deal with the all suppliers and utilities letting them know of the changes.
d. What when and how to tell the staff and the clients about the sale.
4 Consider when it is best to make the purchase.
a. Allow sufficient time for the integration to cover any seasonal peak times.
This vendor is continuing to work with the buyer on the basis of introducing new business. Because he is no longer having to do the work he can spend more time with clients finding out what services they can use that are now available to them that were not there before. The buyer is very happy to have all these new leads.
If you are thinking of selling or buying an accountancy practice, please contact us. The market is buoyant at the moment and we are looking for more sellers and buyers.
We can guarantee that anything we discuss will be in complete confidence, So, please email me, Nicola Draper, at n.draper@draperhinks.co.uk.
We look forward to working hard for you to get the result you want.