Invitation to everyone!
This month Nicola is celebrating her 20th Anniversary of running Draper Hinks on her own. Chris Hinks, her business partner, retired 20 years ago.
You are invited to join us for a cup of coffee and a slice of cake to celebrate with us on Monday, 15th April between 10.30 am and 12.30 pm. RSVP by 12th April, to n.draper@draperhinks.co.uk. Address at end of this Newsletter.
It would be lovely to see you.
Nicola Draper
Founder at Draper Hinks
Don’t bite off more than you can chew
If you are thinking of buying an accountancy practice I would suggest that you are realistic in your aspirations. We have buyers that register with us with a turnover of £10k looking to buy fees of £300k+. This dynamic does not work, vendors will not want to talk to you and we will not put you forward. It does not matter if you have lots of money in the bank. The vendor wants to know that you have the experience of running a practice of a similar size to the one being sold. If you are not sure where you stand about what to look for and would like to have some guidance then call us on 01788 816440 and ask for Diane Bester or Marie Large to discuss your situation. They have a lot of experience and are happy to advise.
Sometimes it takes longer than you think to sell a practice, through no fault of your own
Read our latest Vendor’s Story
Practices for Sale
| Reference | Area | Amount | Description |
| 641/240319 | North Yorkshire | £190,000 | Vendor looking to retire. Top 10 clients fees £28,054. Buyer needs to be at least FMAAT/AAT qualified. Mtgs with vendor Tuesday, 23rd April |
| 642/240403 | East Sussex | £45,000 | Vendor selling tranche of fees and semi-retiring. Total top 10 clients fees £19,453. Not VAT registered. No premises or staff. Mtgs with vendor Tuesday, 30th April |
| 645/240408 | Cornwall | £323,357 | Vendor retiring. Top 20 clients fees £76,105. Leasehold premises. 7 staff. Buyer needs to be Chartered, Chartered Certified, FMAAT or AAT qualified. |
Income Multiples Paid in the last 12 months
| 2023 | 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 | 1.16 | 0.90 | 1.48 | 0.75 | 1.48 |
| Quarter 2 | Apr – Jun | 0.98 | 0.90 | 1.05 | 0.80 | 1.40 |
| Quarter 3 | Jul – Sept | 1.107 | 1.00 | 1.30 | 1.00 | 1.30 |
| Quarter 4 | Oct – Dec | 0.918 | 0.35* | 1.10 | 0.35 | 1.10 |
*This deal completed in less than a week due to the terminal illness of the vendor.
NB None of the above figures are to be reproduced in any way without express permission from Nicola Draper.
Your Guide to Buying
We have been helping accountants sell and buy practices for more than 20 years, and during that time we’ve learnt so much. We have collated all of our knowledge and experience into our new eBook, which is the ultimate guide to buying accountancy fees. You can download your copy from our website for free.
Testimonial from a vendor whose practice we sold in 2023:-
I was looking to retire and needed help. I found Draper Hinks online and contacted them. Having spoken with Nicola, I felt confident that Draper Hinks would be able to sell my practice. The process was easy and the team were extremely helpful. They were all very professional.
The process followed was smooth from start to finish. Although the process was easy it was very comprehensive. My main concern was whether the clients would stay with the purchaser. I instantly liked the buyer I sold to. She was a very good fit.
I had a Coaching Call with Nicola before meeting any buyers an she made several points I had not thought of. I don’t think I could have done it on my own. Too many possible pitfalls.
I would certainly recommend Draper Hinks to any future vendor.
Nicola Morgan QBE (Permission given to print her name)
Please check out our website www.draperhinks.com where you can:-
- Download our Draper Hinks Buying Fees eBook.
- Read our monthly Blogs giving regular market commentary.
- Read our Vendor’s stories about their experiences of selling their practices.
Address for coffee and cake: 60 Regent Street, Rugby, Warwickshire CV21 2PS. Tel 01788 816440. 15th April 10.30 am – 12.30 pm.
RSVP by 12th April to n.draper@draperhinks.co.uk.