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Draper Hinks Newsletter April 2019 |
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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 270 deals. We are very active in the market place for buying and selling accountancy practices. I work 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 so 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 | £315,000 | Where | Wiltshire | ||||
| Qualified | QBE | Age | 52 | ||||
| Time scale | 4 months | Type of Practice | Ltd Co 2 Dirs | ||||
| Payment | 3 payments | How paid | 50%, 25% & 25% | ||||
| Multiple | 3 x EBITDA | When paid | Comp, 12 months & 24 months | ||||
| Offers | 2 offers | Office & staff | Office and staff retained | ||||
| Results | Vendors looking to spend more time with families and travelling | ||||||
| No. 2 | |||||||
| Fees sold | £325,000 | Where | Cheshire | ||||
| Qualified | FCA | Age | 69 | ||||
| Time scale | 4 months | Type of Practice | Sole Practitioner | ||||
| Payment | 3 tranches | How paid | 50% 25% 25% | ||||
| Multiple | 1.05 x fees | When paid | Comp, 12 & 24 months | ||||
| Offers | 5 offers | Office & staff | Office and staff retained | ||||
| Results | Vendor now working as a consultant for buyer bringing in more referrals and fees | ||||||
| No. 3 | |||||||
| Fees sold | £115,000 | Where | Yorkshire | ||||
| Qualified | FCCA | Age | 61 | ||||
| Time scale | 5 months | Type of Practice | Sole Practitioner | ||||
| Payment | 2 tranches | How paid | 50% & 50% | ||||
| Multiple | 1 x fees | When paid | Comp & 12 months | ||||
| Offers | 2 offers | Office & staff | Office and staff not retained | ||||
| Results | Vendor happy not to be involved with accountancy, now doing as he pleases | ||||||
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Hello, I’m Diane Crawley and I am the Office Manager for Draper Hinks. If you are a buyer, I 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 2018:- | |||||||
| Testimonial 1
“I heard about Draper Hinks on Accounting Web. We decided to use Draper Hinks to sell our practice after reading the recommendations on Accounting Web and speaking to Nicola. We have found DH to be very good and professional. When speaking to them for the first time they sounded experienced and we were impressed with the help and advice. We were very pleased with the outcome.” Vendor – Alan Forrester Devon |
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| Testimonial 2
“I found out about Draper Hinks from contacting them on email. I got in touch with them after a recent sale went through in my area. First impression was that they were professional. The process offered was very good and they had a lot of useful information on their website. Confidentiality was very important throughout. If you are thinking of selling your practice you should use someone who has experience of the process.” Vendor – Angela Brown South Coast |
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| Testimonial 3
“I heard about Draper Hinks from receiving regular letters in the post over time. Having spoken to Nicola I had confidence in the ability of Draper Hinks to meet my needs and working with them was very easy. They answered all my questions and it was a smooth process. Nicola was on the same wavelength as me. She explained the process to me which seemed very simple. I didn’t have to be responsible for finding interested parties or selecting who to see. It was very helpful to have conversations with Nicola who explained it all. It was simpler than I thought it would be. All meetings were arranged by Draper Hinks and there was someone there to discuss everything with. Draper Hinks can contact a large number of potential buyers, guide you on what price to expect, select appropriate buyers, and act as intermediary for both sides. The hardest part was the hand over process. ” Vendor – Alison Rogers Worcestershire |
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Practices for Sale
| Reference | Area | Amount | Description | ||||||||||||||||||||||||||||||||||||||||||||
| 319/190326 | Oxfordshire | £58,000 | Vendor looking to retire to pursue other interests. Buyer needs to be chartered or chartered certified. 69 clients with average fee of £850. Fees are portable locally. Meetings with vendor Tuesday, 16th April. | ||||||||||||||||||||||||||||||||||||||||||||
| 317/190306 | Cambridgeshire | £180,000 | Vendor selling all the fees. Top 20 clients’ fees total approx. £57,649. Leasehold office available but not a condition to take on. | ||||||||||||||||||||||||||||||||||||||||||||
| 315/190301 | Somerset | £280,000 | Vendor looking to retire. Buyer must be Chartered or Chartered Certified. Top 20 client’s fees total £87,271. 8 staff – 1 FCCA, 3 AAT qualified working from leasehold premises. | ||||||||||||||||||||||||||||||||||||||||||||
| 308/190214 | Dorset | £80,000 | Vendor selling a block of fees. Total of the top 20 client’s fees £59,805. Office available but not a condition of the sale. | ||||||||||||||||||||||||||||||||||||||||||||
| Income Multiples Paid in the last 12 months | |||||||||||||||||||||||||||||||||||||||||||||||
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NB * One off payment offered. ** Small tranche of fees for sale in London, this was oversubscribed. |
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| David’s Diary
David is a newly retired sole practitioner doing consultancy work for the buyer. “With the agreement of the buyer, I have been concentrating on my old client base, identifying new areas of work and bringing in new business from them. I am also able to spend time looking for new prospects, converting them into new clients too. This has led me to working on business development for the buyer and in the last 10 weeks I have introduced 55 new referrals. In my old practice I never had the time to concentrate on business development, I was too busy doing the day to day work. I enjoy meeting people and I like talking to them so it is easy to find out what services they need from the buyer’s firm, especially when you don’t have to do the work yourself. I could not have coped with this amount of new work when I was in practice. Needless to say the buyer is delighted.” David Shackleton |
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Lisa Shenton, Admin Assistant |
Hello, I’m Lisa Shenton 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 will also be working on increasing Nicola’s LinkedIn contacts, so look out for my message, so that I can invite you to join our closed LinkedIn group.
I am also the person to notify if you wish to update your records in any way so please let me know if you move office or change your email address, so we can keep you updated. Please email me at l.shenton@draperhinks.co.uk |
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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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