Vendor’s Story April

Details of a deal done in 2024
Fees sold £150,000 Where Dorset
Qualified FCA Age 63
Time scale 4 months Type of Practice Sole Practitioner
Payment 1 pmt then earn out How paid 50% & over 2 years
Multiple 1 x fees When paid Comp & quarterly
Offers 4 offers Office & staff Office closed staff moved to buyer
Results Staff being retained by buyer, vendor wants to finish writing a book

The vendor contacted us because she was looking to retire. We had sent her a number of Newsletters and mail shots over many years.  We had also spoken to each other several times before she was ready to start the process of finding a buyer.  Previously she had been distracted by a few other brokers with “so-called” interested buyers and she told us they just wasted a lot of her time with their false leads.

She liked the fact that we had a very structured approach to selling her practice and it was always clear where she was in the process and by setting deadlines, the momentum was kept going and the deadlines were always kept.

The vendor had confidence in our sales process, knowing that it would work.  She had read some of our success stories from past sales.  “Nicola worked her magic for me!”   We made sure things moved very quickly.  In very little time we were able to get four firm offers on the table all of which were completely acceptable to the vendor.  She could have picked any one of them and been happy.

She said “I liked the personal touch and the updates throughout the process.  The timetable for offers is a great idea and kept the buyers and sellers on track.”

She was concerned that we would not be able to find a buyer that would want to take on both her small and large clients, as well as her staff, but that proved not to be a problem.  Her advice to someone thinking of selling would be to not waste time trying to do it yourself.  Draper Hinks was able to unearth potential buyers she would never have been able to find.  Her final remarks were “If you are thinking of selling your practice, I would definitely recommend Draper Hinks”.  Nice to have another satisfied customer.

If you want to have a no obligation, confidential chat about your own situation, contact me, Nicola Draper at n.draper@draperhinks.co.uk.