Vendor Story £111,360 Tamworth

Details of a deal done in 2023   
Fees sold£111,360WhereTamworth
QualifiedFMAATAge72
Time scale3 monthsType of PracticeSole Practitioner
Payment2 tranchesHow paid50% & 50%
Multiple1 x feesWhen paidCompletion and 12 months
Offers4 offersOffice & staffNo office and one subcontractor
ResultsVendor decided to do some well overdue travelling around the world

This vendor had been thinking about selling for some time.  But it never seemed to be the right time to “Just Do It!”  She had someone in mind to pass the practice on to.  They had been talking on and off about it for a few years and nothing seemed to crystallise.  Until one day when her subcontractor informed her that she was leaving to work for another accountancy firm and was going to be taking a lot of the clients with her.  We got a phone call from the distressed vendor so we quicky put a plan together. 

Unfortunately there was nothing in the subcontractor’s contract that said clients could not be poached.  Time was of the essence.

We sent the vendor our questionnaire to complete and proposal to sign, giving us permission to market her fees.  She returned this immediately and so we were able to start the process of finding a suitable purchaser for her straight away.  We needed the buyer to have bought before and have verifiable funding already in place.  We had a lot of buyers that were interested in taking on these fees but not all of them were ready and able to move quickly. 

The vendor met a number of potential buyers and ended up with four firm offers on the table.  She asked Nicola for some guidance as to which offer she should accept.  Speed was very important but more important was that the buyer would look after the clients, thereby minimising attrition. 

Clients were contacted as a matter of urgency and in the end the vendor lost very few of them to the subcontractor.  She was very happy with the outcome and thanked us for the help, guidance and constant reassurance that everything would be fine.

The buyer also played their part and made sure the Sale and Purchase Agreement was ready very quickly. They knew when the clients should be contacted and what to say to them.  Many meetings were set up between the buyer, seller and main clients for the hand over to take place.  It was very stressful for the vendor but at no point did we lose sight of moving things along quickly but at a pace that was manageable.  It is always good to know that we have helped another vendor achieve their goal of selling and retiring. 

Know that if you need to move quickly and are in a position where selling your accountancy practice is a priority, then there is a brokerage that can and will do everything possible to make that happen.  Call  us in complete confidence on 01788 816440, we are all here to listen, guide and advise.