| Details of the deal for this vendor’s story practice sold in 2025 | |||
| Fees sold | £70,000 | Where | Nottinghamshire |
| Qualified | ACA | Age | 62 |
| Time scale | 6 months | Type of Practice | Sole Practitioner |
| Payment | 2 tranches | How paid | 50% & 50% |
| Multiple | 1.1 x fees | When paid | Completion and 12 months |
| Offers | 4 offers | Office & staff | No office and no staff |
| Results | The vendor worked a hand over and then retired | ||
We were contacted by this vendor looking to sell his practice. He was fed up with the increasing red tape with HMRC and all Government departments. The final straw was the introduction of MTD. We had spoken a couple of years prior to him giving us his instruction to sell his practice. The first contact was to understand how the process worked, so that when he was ready to sell, he knew exactly what to expect.
He chose to work with us because he liked the way we communicated with him. He found working with us to be excellent. We took time to understand his requirements from the outset and were able to find him some top quality candidates. He also stated that communications were good at all times.
His first impression with Draper Hinks was that we were very open and easy to get on with but at the same time very professional. He liked our process citing it to be very good and easy to follow. He also liked to use us as a sounding board when things were not going as quickly as he would have liked. His main worry was that his practice would not sell and he was also concerned about leaving his loyal clients in limbo if he was not able to find the right buyer.
Luckily, we were able to find a buyer that he liked. He selected them from several other interested buyers, because their approach was similar to his and they were open and personable. He found the most difficult thing for him in the whole process, was having to let his clients know what his intentions were. He found this to be a very sad moment.
We asked him what he would miss about running his practice. He said he would miss going out to see his clients but he would not miss the constant stream of texts, calls, emails, Whatsapps, etc.
His advice to someone thinking about selling their practice was to “just go for it!” He would definitely advise everyone to use a broker and not sell it on their own. He understood that a good broker has a selection of potential buyers and the broker acts as the cushion between the buyer and the seller, thereby avoiding any friction.
He is now looking to play golf, walk the dog, but not at the same time. His last comments were that he would definitely recommend Draper Hinks to anyone thinking of selling their practice.
If you want to sell your practice, contact Nicola Draper @ n.draper@draperhinks.co.uk