Sole practitioners must be able to work on the business, not just in it A good business plan will help identify areas of weakness Many sole practitioners choose to work from home, but this isn’t necessarily the easy option Sole practitioners need to think of their brand profile and market the practice accordingly Nicola Draper outlines the key considerations accountants …
Just 30% of firms have a valid partnership agreement in place Not having one leaves the firm vulnerable when partners retire, fall ill or die Without one, firms are governed by the Partnership Act 1890 Read on for details of how this can affect your firm Practices operating without a valid partnership agreement in place are a disaster waiting to …
Various factors come into play when deciding your practice’s future The usual change points are retirement, winding down or starting again To get the most from your investment, plan ahead Read on for top tips on how to do this Expand, sell, retire or give up? Accountants often reach a crossroads when decisions need to be made about their practices’ …
It’s people, not property, who make a business Contingency plans should take into account HR issues Good succession planning is vital, especially for owner managers Read on for more top tips for planning your ‘people contingency’ It’s people, not property, who make the business, so what are you doing to ensure your practice’s growth for the future, asks Nicola Draper. …
The opportunities for things to go wrong in a partnership are endless Resolving disagreements amicably is the key: Only lawyers win if you go to court. Staff and clients should be kept away from conflicts between partners. Planning ahead is crucial to a smooth hand-over.
A younger client base will bring in new fee income and add longevity to your practice Your image, attitude, language and service is important to attracting young clients Embrace new technologies and social networking and learn to speak their language Nicola Draper of brokers Draper Hinks explains why younger clients are vital and offers advice on how to appeal to …
How easy would it be for your practice to be sold if you were to die suddenly? Nicola Draper of Draper Hinks explains the importance of forward planning for accountancy practitioners. It has surprised us that in the past few weeks we have been approached by a number of sole practitioners who have been worried about what would happen to …
This has been a strange year for the buying and selling of accountancy practices. At the beginning of the year we had a number of vendors looking to sell their accountancy practices but, for the first time ever, we were unable to find any buyers. In the 12 years I have been selling accountancy fees I have never know the …
I am sure there are a million things I could be writing in my blog this month but I am suffering from a bad cold and my brain is full of cotton wool and broken biscuits. I can manage my day to day duties fine but when it comes to sitting down at my computer and trying to be creative …
Any buyer looking at buying accountancy fees is looking to minimise the risk and maximise the retention. Any perceived risk will have a downward pressure on the amount offered to the seller of the accountancy fees by the buyer. There are many things that a buyer will take into consideration when considering putting in an offer for an accountancy practice. …