| Details of the deal for this vendor’s story practice sold in 2025 | |||
| Fees sold | £189,000 | Where | Kent |
| Qualified | FCA | Age | 75 |
| Time scale | 5 months | Type of Practice | Sole Practitioner |
| Payment | 3 tranches | How paid | 50%, 25% & 25% |
| Multiple | 1.1x fees | When paid | Comp, 12 months & 24 months |
| Offers | 4 offers | Office & staff | Office shut and staff retained |
| Results | Vendor retained some clients but was looking forward to having more time to himself | ||
The vendor had reached the ripe old age of 75 and decided it was high time to sell his practice. However, faced with the idea of nothing to do on a daily basis he decided to keep some clients post sale. He had heard about Draper Hinks from the many Newsletters sent to him over the years and commented on the fact that he found them both helpful and informative. He decided well before speaking to us that he would use us when the time came for him to find a suitable buyer for his fees.
His first impression was that we were “very personable and helpful, giving excellent support throughout the whole process.” He liked the fact that we have a tried and tested processes that works for both the buyers and the sellers and said that it was “quite straightforward.”
He was worried about the handover period and the client retention post sale. The most difficult part of the process was having to deal with the buyer’s solicitor, who took a bullish approach and did not seem to want to talk to his solicitor, thereby protracting the process unnecessarily. The vendor and his solicitor were often left waiting for information for many days at a time, which he found most frustrating.
He said he was not going to miss the deadlines often created unnecessarily by both clients and HMRC. Instead, he was going to look forward to having more time to himself to enjoy his hobbies and pastimes. When asked, he said he would be happy to recommend anyone thinking of selling their accountancy practice to use Draper Hinks.
If you want to sell your practice, contact Nicola Draper at n.draper@draperhinks.co.uk