|Type of Practice
|40%, 30% & 30%
|1 x fees
|Completion 6 months & 15 months
|Office & staff
|Both kept on by buyer
|Vendor looking to move to the West Country with parents to be part of the local community
We completed the sale of an accountancy practice in the West Midlands. The vendor was in her early 50’s and didn’t want to run her business anymore. She wanted to move to the West Country and be near the seaside. She did not want to have to deal with any more deadlines or have any more dealings with HMRC. Her mind was made up that her practice was going to have to go. Staying on and running the practice for a few more years was just not an option. So, she was opting to sell up, not have a job to go to and make a new life for her and her partner.
She heard about Draper Hinks from looking on the Accountancy Age website and reading comments from other accountants about which broker she should use to sell her accountancy practice. She read that Draper Hinks was a good firm to talk to and that they would not put any pressure on her or try to sell to her.
Ms V booked an appointment to see Nicola in her office to find out what the process was and to have her myriad of questions answered. After the meeting she felt that Draper Hinks were the best placed broker to assist her in the sale of her business, so she instructed them to find a buyer for her.
She said “Nicola and her team were very helpful throughout the process, always quick to answer any questions. On meeting Nicola, I knew that she was the best person to assist me with my sale. She was understanding of my position and knowledgeable about the issues I wanted to get away from. I personally felt able to discuss everything with her to enable her to have a full understanding of my situation without feeling judged. I would have no hesitation in recommending Nicola to other potential vendors.”
At Draper Hinks we like to work with our vendors throughout the sale process because we understand how difficult it can be letting go of clients that you have looked after for many years, sometimes even generations of families. Do not underestimate how emotionally invested you will be in the process. Saying goodbye to your clients can be a very difficult thing to do.
The practice Ms V was selling was a very well-oiled machine. The staff were of top quality, the clients were loyal and always paid on time. Draper Hinks had 8 interested buyers and from that we had two firm offers. She wanted to make sure that there was security for her staff and that the clients would be happy with the buyer as well.
The vendor was selling her limited company. The buyer she chose offered to buy the limited company which removed the need for the vendor to have to keep the company open in her own name and arrange PI cover etc. The buyer was strong in tax which worked well and between them they were able to promote this to the clients when they were advised of the sale.
The aim post sale was to move to Devon to be by the seaside and persuade her mum and dad to follow her down there from the midlands. She is currently looking for a suitable property to move to and we wish her every success with her future move.
Our Ref: 507/220411