 Nicola Draper founder Draper Hinks
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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. For anybody that wants to sell their practice, the decision is always very personal, and you have to do it for your own reasons. |
Looking to sell?
We have now helped more than 380 accountants sell either all or part of their fees. While the step by step process of selling is usually the same for everyone, the journey is always completely individual. But we like to think we’re very good at guiding people through it as we’ve been doing it for more than 20 years. If there is any way we can help you, even if it’s just for some early advice as you explore your options, please don’t hesitate to get in touch with me any time at n.draper@draperhinks.co.uk.
| Details of a deal done 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 | ||
Buyers Looking in Your Area
We have a large number of buyers registered with us who are actively seeking fees to buy. However, in the areas below, these buyers have specifically asked us to find a seller for them. If you’re interested in selling in any of these areas, please contact me, Nicola Draper, at n.draper@draperhinks.co.uk quoting the reference.
| Ref | Where | Amount |
| P1/W1/DHB/1 | Oxfordshire | Up to £650k |
| P1/W1/DHB/2 | Hertfordshire | Up to £400k |
| P1/W1/DHB/3 | Leicestershire | Up to £250k |
| Two more happy vendors whose practices we sold in 2022 |
| 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 |
Income Multiples Paid in the last 12 months
| 2022 | Quarter | Average income multiple paid | Lowest income multiple paid | Highest income multiple paid | Lowest income multiple offered | Highest income multiple offered |
| 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 |
| Quarter 4 | Oct – Dec | 0.91 | 0.5 | 1.0 | 0.5 | 1.0 |
*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.
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 thinking about selling, then contact Nicola Draper at n.draper@draperhinks.co.uk or call her on 01788 816440. Everything discussed will be totally confidential.