Using a specialist to sell or merge your accountancy practice comes with many advantages. Firstly, they understand what the buyers in the industry are looking for and so are in an excellent position to provide you with advice about how you can make your business more attractive, which should in turn lead to a better sales price. As a specialist in your sector the broker will have a high-quality buyers list and will be able to match your requirements with the best of the buyers that are in the market looking to acquire. Additionally, choosing a broker that understands the ins and outs of an accountancy practice means they are more likely to know what objections a potential buyer might use to try and negotiate the price and so will be able to offer you advice on the reasonableness of any offer. Confidentiality is often a key requirement when selling an accountancy practice and a specialist broker will understand your need for this. A good broker will go to great lengths to protect your identity in the marketplace until you are ready (or not) to reveal that you are selling your practice. A specialist broker in your sector will also understand that there are multiple ways for you to exit the practice if that is what you want to do. It doesn’t always have to be an all or nothing scenario and this also helps them match you to the perfect buyer. This cuts down on time lost through buyers not fully understanding your exit strategy and should reduce the time required to complete a deal. As you don’t usually pay the sales fee when using a specialist broker to sell your practice then you really have nothing to lose but everything to gain using a good broker. They should help take away the stress, be able to reassure you throughout the sales process and offer advice and solutions to make sure the deal is completed and everyone is happy with the sale.

It's never too early to start planning!

Making sure you get your due diligence process right could save you a lot of hassle and problems further down the line.

If you decide to sell your accountancy Practice, then a key decision in the process is whether to make it an asset or share sale. There are pros and cons to both approaches and here we look at what you should consider when deciding which is the best option for you.

When you’re looking to grow your Practice do you consider the traditional marketing strategies of market penetration, product development, market development and diversification or do you just carry on with the day to day work and hope potential clients see your website or office sign and give you a call? In the current climate, hoping for the best might not be good enough, and if your client base is being hit hard by the current trading conditions, proactively increasing your fee base is a necessity not a luxury. When other accountants are running to catch up you could be ahead of the pack, so when the downturn ends (and it will) you are well placed to capitalise on the business that’s available. A straightforward way to increase the size of your Practice is to buy a block of fees or take over another practice. A simple but effective market penetration strategy used by companies the world over and there are certainly plenty of opportunities in the accountancy marketplace at the minute. Many of the more traditional sole traders have decided that with the current pressures, on the back of the challenges of MTD and the increasing requirements for operating in a digital world, now is the right time for them to exit the industry. This increase in the number of practices available provides more scope for buyers to be selective, allowing them to choose to buy a practice that has the best fit with their current operation. As there are also many smaller practices being sold at the minute this is also an ideal time for accountants who wish to run their own practice to consider going it alone. Buying an established practice, with a client base already in place, takes away the uncertainty of how long it’s going to take to achieve the turnover required to support financial needs. And many of these smaller practices have the scope to be developed, increase revenue and maximise profit with some simple changes. So, if you thought the middle of a pandemic wasn’t the right time to expand your business, or start your own business, then think again. To find out why this might be the perfect time for you then talk to us about what you would like to achieve and we can help you find the right opportunities to achieve your goals. Contact us at practicesales.co.uk or call 01823 765085 for a chat.

Discover the simple steps you can take to maximise the profitability of your practice when the time comes to sell and identify the benefits of using a broker to increase your chances of a successful outcome.

A recent survey by AccountingWEB on the wellbeing of accountants has revealed that a combination of long hours, the overwhelming effects of coronavirus workload and the stress of helping clients has had a negative effect on mental health and wellbeing. The sheer deluge of work appears to have taken its toll and although many said their health and wellbeing was now recovering, now that many of the government schemes are ending, others admitted to feeling “burned out”. Many accountants are now asking themselves “what now?”. M  any industry experts believe that the only way forward is for accountants is to embrace the digital world and the COVID-19 situation has only served to highlight that it is now possible to fully collaborate with clients through cloud products, online digital communications and apps. Having the right software to support compliance obligations will also be a vital part of any accountancy practice as HMRC moved to digitised submissions. Keeping up with this type of fast paced environment will not suit everyone and for those already feeling the stress and pressure of the last few months now might be the right time to think about the future of your practice and your role within it.