As brokers we work for both parties. We are not agents working for just one party. It is important to make this distinction. We work with both sides to the deal. For the seller we aim to arrange a number of meetings with different buyers, hoping that will result in a number of offers being put forward. With regards the buyers, our aim is to help them to put forward their best offer. It has to be noted that we cannot influence the decision made by the seller. They will choose the best offer for their staff, their clients and for themselves – typically in that order.
In order to do our job properly we need to understand what concerns our vendors have at the start of the process so we can help them manage that anxiety. Some concerns may be unfounded, but others can be very real. The biggest decision to make when selling a practice is to Just Do It!
We asked our vendors – “what concerns or worries did you have about selling your practice”. These are some of the responses.
- I hoped the clients would stay with the buyer.
- That it was going to fall through – right up to the last minute.
- The buyer not keeping all our staff, office and of course clients.
- Finding the right type of accountant to look after my clients.
- That the deal might fall through before completion.
- That I may not sell the practice to someone who would understand the clients and the longstanding relationships that had been forged with loyalty and integrity over the years
- My main worry was that I would not sell.
If you want to sell your practice, contact Nicola Draper @ n.draper@draperhinks.co.uk and we can discuss your concerns.