| Fees sold | £410,000 | Where | Hertfordshire |
| Qualified | CIMA | Age | 65 |
| Time scale | 10 months | Type of Practice | Sole Practitioner |
| Payment | Single payment | How paid | One-off discounted payment |
| Multiple | 0.62 x fees | When paid | Completion |
| Offers | 4 offers | Office & staff | Buyer kept office and staff |
| Results | Vendor sold home to move to be near kids | ||
We were approached by a potential vendor that wanted to talk to us about the possibility of selling his practice. He had received a number of Newsletters from us in the past. He was not sure when he wanted to start the process but he was on a fact-finding mission to get as much information from us to be able to make a reasoned decision as to when was the best time to start the process. He was thinking of retiring and it was important that he was ready to embark on the next stage of his life. His first impression of Draper Hinks was very positive.
It took 18 months before Mr B was ready to start the process of finding a buyer for his practice. He liked the fact that Nicola had explained each of the steps to him. He did not want to rush into this decision because it was going to involve a complete change of lifestyle. Draper Hinks had allowed him the time and space to work through when it was the right time for him to retire.
It took 10 months from starting the process of marketing his practice to completing the deal. Mr B liked the process offered by Draper Hinks because it was “both simple and clear”. He said he would be more than happy to recommend us to any vendor looking to sell their practice. We were able to give him quality introductions and Nicola was on hand with advice when needed.
He found that the most difficult part of selling his practice was the due diligence stage and the steps leading up to completion. Solicitors were involved and there was a lot to be put into the Sale and Purchase Agreement. Also, he found that it was hard trying to keep the business going and to motivate staff when pre-occupied with the sale.
Mr B had three Top Tips he wanted to share with any other potential vendor:-
- Don’t do it on your own. It will be more stressful than you can imagine possible. Having a broker who understands the process that you can consult and use as a sounding board is invaluable.
- Always pause and reflect before responding to any emails. It will get emotional so make sure you don’t burn your boats by doing something rash. Always keep things civil and constructive.
- Get a good solicitor. They can be expensive but the best ones will be worth their fees.
Mr B is happy to have sold his practice, he is looking to move house to be nearer to his children. But other than that, he has no fixed plans but he is looking forward to being free of the pressure of running his own business. He invited Nicola to his retirement party to say thank you for all the work put into the sale of his practice.
Our Ref: 427/210414