| Details of the deal for this vendor’s story practice sold in 2025 | |||
| Fees sold | £83,265 | Where | Norfolk |
| Qualified | FCA | Age | 69 |
| Time scale | 4 months | Type of Practice | Sole Practitioner |
| Payment | 3 tranches | How paid | 30% & 70% |
| Multiple | 1.1 x fees | When paid | Completion and 12 months |
| Offers | 3 offers | Office & staff | Office closed, staff transferred |
| Results | Worked handover period and then retired | ||
The vendor decided it was time to retire. He had originally planned to carry on working in a part time capacity with a much-reduced number of clients but felt the upcoming changes in tax and accounts and the ongoing regulation requirements made him change his mind.
He heard about Draper Hinks through receiving several emails over the years with up to date Newsletters, but he also watched Nicola do a presentation with the ICAEW. So he decided to contact us and see if we could help him with the sale of his accountancy practice.
His first impression was that the team at Draper Hinks seemed to be very knowledgeable and willing to provide a lot of guidance and advice on a one to one basis. The process offered was deemed to be very good and he found working with us to be a very useful experience.
His main concern was to find a suitably qualified accountant for his small firm, with an appropriate fee structure and attention to client service. It was difficult to find the time to deal with the process and matters arising, whilst still working full time with the clients.
He chose the buyer he sold to because they had a similar background, with the right qualification and attention to client service for a reasonable fee. The buyer had considerable tax experience having worked in a larger firm and did not want to stay with the big firm because he saw how the client service suffered so he left and set up on his own.
On selling his practice the vendor said he would miss contact with the clients, most of them were more like friends than clients. He was not going to miss the pressure of meeting deadlines nor the time waiting on the phone calls to HMRC or waiting for postal replies from them.
He was certainly looking forward to gardening, walking the dog, swimming and running (if his knees were up to it) and ongoing involvement with local voluntary organisations to keep his mind and body active. But most of all he was looking forward to having the time to choose to do the things he wanted to do unencumbered by the pressure of deadlines and being at the beck and call of clients,
When asked if he would be happy to recommend Draper Hinks he said he certainly would if anyone asked for where to go for good professional help with selling their accountancy practice.
If you want to sell your practice, contact Nicola Draper @ n.draper@draperhinks.co.uk