| Details of a deal done in 2024 | |||
| Fees sold | £112,240 | Where | Warwickshire |
| Qualified | ACCA | Age | 60 |
| Time scale | 3 months | Type of Practice | Sole Practitioner |
| Payment | 2 payments | How paid | 50% and 50% |
| Multiple | 1 x fees | When paid | Completion and 12 months |
| Offers | 6 offers | Office & staff | Office closed, staff moved to buyer |
| Results | Vendor was just looking forward to being able to take a long holiday with no guilt | ||
The vendor was ready to retire. The pressure of running a practice that was understaffed for many years had taken its toll. He was unable to grow the practice as he would have liked because he could not find the right staff to help him expand. He took on more of the work himself but that just resulted in him becoming more and more stressed. It was the right time to sell because he still had his health.
He had been contacted by Draper Hinks over a number of years via regular Newsletters. He read them all carefully so he had a good understanding of what the current prevailing market rate was, how much he could expect to get from the sale, over what period and how paid. He also wanted to work with a local broker.
He found the service provided by Draper Hinks to be “professional and informative” and his first impression was they were “very friendly”. He summed up the process as being “easy to understand and very smooth.” He was concerned about his clients being looked after properly.
After meeting a number of buyers on a full Meeting Day our vendor had six firm offers. He booked a time to talk to Nicola to discuss each offer before deciding which to accept and then take through to Due Diligence. When asked why he chose the buyer he sold his practice to he said, “They came across as professional and caring and knowledgeable as to the client’s needs, which gave me great comfort.”
His greatest wish post sale was to be able to take an extended holiday, something he had not enjoyed since he started his practice many years ago. He said “I will miss a lot of the clients as many have been with me for 20 years and more. We will certainly not miss speaking to HMRC!!”
He also said he would be very happy to recommend Draper Hinks to anyone thinking of selling.
If you want to have a no obligation, confidential chat about your own situation, contact me, Nicola Draper at n.draper@draperhinks.co.uk.