When we successfully sell a practice we like to ask our vendors for their feedback. We find that the best people to ask about the service offered by Draper Hinks, is someone who has just used it. They have current up to date knowledge of what we do, how we do it and why we do it. So, we like to get their opinions of how they found working with us.
We are also keen to understand why they chose that particular buyer to sell their practice to. Some vendors have more than one offer and it is often a case of a balance between the money offered and the right “fit”.
It is certainly not all about money. Accountancy practices are built up on the basis of the relationship between the accountant and client. If the client does not like their accountant they will leave and find another that may be a better match.
Here are some reasons why vendors sold to the buyer they chose:-
- Of the three interested parties, the one I chose had done take overs before and was a close fit to the service that I offered.
- We liked and trusted them from the first time we met them – so we thought that if we liked them so would our clients.
- Best perceived cultural fit of the buyers on offer.
- Seemed like a good fit.
- Their approach was similar to mine – open and personable.
- Seemed like a nice chap.
- I took a lower offer than the maximum as I felt the clients would stay.
- I liked him and we got on well when we met.
These are all quotes from our vendor feedback forms in the last 12 months. It is so important to realise that the vendor does not just sell to the highest bidder. If the fit is not right, then offering more money will not change their mind.
If you want to sell your practice, contact Nicola Draper @ n.draper@draperhinks.co.uk