February Newsletter 2023

Nicola Draper founder Draper Hinks

 

 

Now that January has finally ended and the busy period has finished for another year, we often find this is one of the busiest times for us. For many accountants, the stress of sorting client accounts can take its toll year after year, and it’s at this point that they realise it’s time to retire, or just time for a change.

If you are looking to buy an accountancy practice this is a good time to make sure you are registered with us. 

What will happen in 2023

Many buyers that are looking to take on fees are limited by the lack of good quality staff available in the market place.  Some accountants are even having to sell some fees because of the lack of staff to help with expansion.   

So, we are expecting to find in 2023 that we have more tranches of fees for sale.  A tranche can be anything from £20,000 up to £200,000.  The larger tranches for sale may also come with staff that are well trained and know the clients.  This can help with retention.  If you want to buy some accountancy fees and have not already registered with us, please email Diane Bester at d.bester@draperhinks.co.uk.

 

 



This is a case study from a practice we sold in 2022:-

Fees sold

£800,000

Where

Bedfordshire

Qualified

FCA; FCA; FCA

Age

65; 62; 48

Time scale

8 months

Type of Practice

3 Partners

Payment

3 tranches

How paid

33.3%; 33.3%; 33.3%

Multiple

0.9 x fees

When paid

Completion; 12 months; 24 months

Offers

3 offers

Office & staff

Staff moved to buyer

Results

1 partner left, 2nd partner working for 2 years and 3rd partner remaining full time

 

Here are two testimonials from previous vendors:-

Testimonial 1

I had a glowing recommendation from a colleague following a recent sale of his business.  It has been a pleasure to work with Nicola and her team.  They have always been available for a chat or advice.  We made good progress at a quick but not rushed pace.  I had all the support and training needed.  I won’t hesitate to recommend them.  It is quite a complicated process made easy by working with Draper Hinks.  Be prepared to prepare as much detailed information as possible, it helps the process.

Vendor –        Henry Cooper   FMAAT            Buckinghamshire

 

Testimonial 2

I heard about Draper Hinks from a web search.  I spoke to Nicola who was very helpful and I thought I could work with her.  She and her team were very professional, helpful and friendly.  The process offered by Draper Hinks works very well.  The Coaching Call helped an awful lot and gave me the confidence and method of dealing with prospective purchasers.  Everyone looking to sell their practice should use a broker, you get more options with a broker.   

Vendor –         David Gostelow  ACA               Yorkshire          

Please check out our website www.draperhinks.com where you can:-

  • Download our Guide to Selling and Buying Fees by registering for our eBook.
  • View lots of video testimonials.
  • Read our monthly Blogs that give regular market commentary.
  • Read a case study

 

Next step

If you are looking to purchase and would like further information on how we may be able to help you, please email us on info@draperhinks.co.uk