| Details of a deal done in 2024 | |||
| Fees sold | £90,000 | Where | Northamptonshire |
| Qualified | FCA | Age | 60 |
| Time scale | 5 months | Type of Practice | Sole Practitioner |
| Payment | 2 payments | How paid | 50% & 50% |
| Multiple | 1 x fees | When paid | Comp & after 12 months |
| Offers | 2 offers | Office & staff | No staff and no office |
| Results | Looking forward to getting fit and not being “on call” for clients 24/7 | ||
The vendor was looking to retire from practice because she had lost interest and enthusiasm for running her business. She was a sole practitioner working from home without anyone helping her so found it both lonely and stressful at the same time.
After receiving many Newsletters over the years from Draper Hinks she decided to contact us and talk through what her options were. She had also been recommended by a friend who had used Draper Hinks to successfully sell his practice within the previous 12 months.
It was decided that her lack of interest in running her practice, due to burn out, would affect client retention. She found working with Draper Hinks was very good and offered a very efficient service. Her first impression was that we were friendly and knowledgeable. She said the process was “excellent and I would never have sold my practice without help.”
She had absolutely no concerns or worries about selling her practice because she knew it was time to stop. The buyer, she chose to sell her fees to, was the best for her clients because they shared a similar ethos and practice based background.
She said “I am going to miss some of my clients because they have become friends whilst others will not be missed at all. Also not dealing with HMRC is a big plus”.
When asked what she would say to someone else thinking about selling their practice– “in the same way that you would use an estate agent to sell a house, negotiating with the buyer and seller, using a broker makes things much more straightforward and I could keep a professional distance from potential buyers. I would be very happy to recommend anyone use Draper Hinks”.
If you want to have a no obligation, confidential chat about your own situation, contact me, Nicola Draper at n.draper@draperhinks.co.uk.