November Newsletter 2022

Nicola Draper founder Draper Hinks
Hello, I’m Nicola Draper.  I run Draper Hinks, a business brokerage facilitating the buying and selling of accountancy fees.  Since inception, we have completed over 375 deals and so can be considered experts in our field.

We are very proud of our track record and our reputation.  Please feel free to contact me anytime at with any questions.




Some reasons why vendors choose the buyer

Ø  The buyer has a similar ethos

Ø  They share a specialism

Ø  The buyer has the capacity to take on the fees

Ø  The vendor feels comfortable with the buyer

Ø  They have a rapport

Ø  The buyer listens to the vendor

Ø  The buyer takes time to understand what the vendor wants from the sale

Ø  The clients and staff will be looked after

Ø  Pretty much at the end of the list is what the vendor will get paid

Ø  How much is the buyer offering, is it reasonable, is it market rate

Ø  Does the buyer have the funds available

Ø  The buyer can complete within the required time scale

Ø  The buyer will meet clients face to face

Ø  Not everything is systems and process driven

A vendor will take into account all these factors before choosing to sell to a buyer.

To discuss buying fees then contact me, Nicola Draper, at



Round up of 2022 and Market Commentary

Looking back at 2022 I would say it has been a year of consolidation.  The vast majority of accountancy practices have had a torrid time having to deal with Covid and all the implied, but it has been a steady year.

Demand from buyers has outstripped the supply of practices for sale, but that is pretty much how it always is.  However, I envisage that possibly changing next year.  If we have lots of sellers coming to market to avoid having to deal with MTD, there may be more sellers than buyers and that can lead to buyer fatigue.  Multiples can come down and there may be some practices that are not sellable as a result.

In October this year we had our first experience of a buyer down-valuing a practice because the clients were not all MTD compliant.  You could consider this course of action a bit premature since MTD is over a year away.  We understand that the buyer wanted to reduce their risk in buying these fees, but the consequence was that the vendor sold to someone else, which was  not the outcome the buyer wanted.

We would like to wish you every success for 2023 and say thank you for your support in 2022 it is much appreciated.


Income Multiples Paid in the last 12 months  

2021 Quarter Average income multiple paid Lowest income multiple paid Highest income multiple paid Lowest income multiple offered Highest income multiple offered
Quarter 4 Oct – Dec 0.9475 0.8 1.25 0.8 1.25
Quarter 1 Jan – Mar 0.76 0.6 1.0 0.5 (1pmt) *1.50
Quarter 2 Apr – Jun 1.02 0.73 (1pmt) 1.15 0.6 (1pmt) 1.25
Quarter 3 Jul – Sep 1.05 1.0 1.2 0.8 1.2

*1.5 x fees was offered but rejected because the “fit” was not good between buyer and seller.

NB None of the above figures are to be reproduced in any way without express permission from Nicola Draper.



Season’s Greetings from us all