| Details of a deal done in 2024 | |||
| Fees sold | £79,000 | Where | London |
| Qualified | FCA | Age | 77 |
| Time scale | 5 months | Type of Practice | Sole Practitioner |
| Payment | 2 payments | How paid | 50% and 50% |
| Multiple | 1.2 x fees | When paid | Completion and 12 months |
| Offers | 4 offers | Office & staff | No office and no staff |
| Results | Vendor was looking forward to doing more reading and travelling | ||
Due to personal reasons, the vendor had put off retiring for many years and when he contacted us he said his retirement was long overdue. He had heard about Draper Hinks from an ICAEW Webinar where Nicola was one of the keynote speakers discussing exit routes from practice.
He chose to instruct Draper Hinks to sell his practice because he liked Nicola’s presentation at the webinar. He found the team to be very helpful and constructive and was comfortable at all times. He felt he could trust and work with Draper Hinks.
He told us that the process was well structured and informative all the way through. Everyone was available to deal with any issues he had whenever they arose. He was worried about finding someone who would be able to continue to provide the same service that he did and said, “I have known some of my clients for many years and I would hate to think that I had let them down.”
He emphasised that using a broker took all the hard work away from him. Also, a broker has the experience and knowledge to present the vendor’s practice in a better light to make it more attractive to a buyer. They have the knowhow.
He received 4 firm offers and found the most difficult part of the process was choosing the right buyer to sell to. He stated “I am a sole practitioner and I provide a very personal service to my clients. I want someone who will provide a similar service. I will miss the relationships I have with my clients. However, I will not miss the responsibility and pressure of work”.
His last comment was “If I come across anyone looking to sell their practice, I will certainly recommend Nicola Draper and 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. Remember, we are here to help.