If you are thinking of selling an accountancy practice or if you are thinking of buying an accountancy practice, it may be helpful to understand what other vendors have found difficult when embarking on the process.
We ask all our vendors to complete a feedback form post completion, and it is very interesting to read their comments. I thought it might be both interesting and helpful to list here some of what they have told us.
The question was – what was the most difficult part of selling your practice:-
- Letting my clients go.
- Reaching the decision to sell and vaulting the emotional hurdle of letting go.
- Transferring the staff knowing some would be made redundant.
- Letting go – on completion it felt like a bomb had dropped momentarily.
- Finding time to deal with the process whilst still working on a full client list.
- Having to tell the clients, that was a very sad moment.
- Letting go of the personal element relating to the clients, which had proved to be just as important as the professional element.
- Contract finalisation.
In our experience vendors care hugely about their clients and their staff. Any buyer should take this into consideration when buying fees. There has to be consideration given to the vendor to deal with this transition.
If you want to sell your practice, contact Nicola Draper @ n.draper@draperhinks.co.uk