At Draper Hinks we pride ourselves on understanding what our vendors are looking for when they sell their practice. Well over 80% of our vendors want to know that their clients will be well looked after post sale and it is not uncommon for a vendor to reject a higher offer for a better “fit”.
Our aim is to match buyer to seller. With this in mind, we ask all our buyers for their reasons for wanting to buy the practice we are selling. This information is then sent to the seller prior to any meeting with the buyer, which gives the vendor time to assess the motivations of the buyer. So, please take on board that it matters how you present your interest and what you tell us about why you want to buy the fees being sold. Remember, you do not have a second chance to make a first impression!
Here are some of the reasons that buyers have given us that you might find helpful if you are considering buying an accountancy practice. These are all cases that sold and completed in 2024. You have to remember that impressions always matter:-
- I am very interested in meeting with the vendor because his practice looks to be a very good fit for us. We have bought a number of practices before, one quite recently earlier this year, of a similar size. As a result, we have a lot of experience in how to successfully manage the process so that the vendor, staff and clients are all looked after.
- We think the vendor would be a good fit for us due to synergies with the client base, service offerings and staffing. We are seeking growth and are experiencing strong development as a firm. We are a progressive firm with a strong focus on group synergies and providing clients with a holistic service integrating Accounting, Legal, Wealth Management services.
- We are a long-established local practice (over 100 years) which has a reputation for a strong team culture which respects and values its staff; as well as building strong, long-term relationships with our clients (many of which are similar in size to the current client base of the vendors). Having built the business up to retirement, the vendors can be happy and reassured that both their staff and clients will feel well looked after. Our transition plan will not look to change things dramatically from day 1, rather a gradual process over 12/24 months and crucially we won’t feel too corporate in outlook.
I think from reading the above you can get an idea that, as a buyer, you don’t just put “To grow my practice” or alternatively “Because the fees for sale are local”. You really need to give it some serious thought. Trust me when I say that no effort with regard to this will be wasted.
If you want to have a no obligation, confidential chat about your own situation, contact me, Nicola Draper at n.draper@draperhinks.co.uk.