5 key cs of succession

The Five C’s of Succession Planning

By Michelle Knights | May 25, 2017

The Five C’s of Succession Planning I recently read an article written by Ed Friedman from ‘Dynasty Financial Partners’, based in New York, which was published online. The article itself was targeted towards financial planning / financial advisory firms, but is just as relevant to accounting and legal firms considering succession. It essentially references the…

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Think outside the box and retain staff

Thinking Outside the Box in Terms of Staff Retention

By Michelle Knights | May 25, 2017

Thinking Outside the Box in Terms of Staff Retention Society and the media now seemingly tells us that one career for life is no longer the norm, or perhaps, even likely. We need to accept that some or maybe many of our employees, and perhaps even our partners, will be with us for a short…

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Not All Publicity is Good Publicity

By Michelle Knights | May 25, 2017

Not All Publicity is Good Publicity Positive publicity about a firm or its representatives can be a wonderful and genuinely beneficial thing. Conversely, negative publicity can be quite damaging and limiting to a professional firm in terms for new referrals, growth opportunities, staff attraction and retention as well as so many other ways. The difficulty…

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Mistakes Made with Contractual Agreements

By Michelle Knights | April 28, 2017

Mistakes Made with Contractual Agreements Most of our colleagues and clients will recall our usual disclaimer ‘we are not solicitors and therefore not providing legal advice’. On that note, the following comments are in keeping with this qualification; we are not providing legal advice. Over recent months we have received a number of enquiries regarding…

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The pitfalls of free money rob knights and co

Acquiring Free Revenue has its Drawbacks

By Michelle Knights | March 31, 2017

Acquiring Free Revenue has its Drawbacks I’ve now spoken with a few firms who have made acquisitions of fee bases below $1 Mill where several clients have multiple years’ lodgements outstanding. Initially this is perceived as a real win or bargain. Often the deal goes something like this. The purchaser pays a reasonably competitive market…

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Timing Your Exit to Maximise Your Sale Price

By Michelle Knights | March 31, 2017

Timing Your Exit to Maximise Your Sale Price We recently completed a round of Boardroom Briefings where one of the sessions was on how to maximise the sale price of your practice. We felt this was a useful topic because we see so many vendors that could have achieved a better price than they did…

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Practice Protection | Rob Knights and Co

Key Legal Documentation to have in Place as a Practitioner

By Michelle Knights | February 28, 2017

Let me give you a scenario. Imagine this, you are a sole practitioner or a practitioner in partnership with others. The size of the firm or number of equity holders doesn’t really matter. You leave the office on a Friday night without a care in the world; life is good. By Sunday night you are…

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Identifying Your Post Practice Identity

Identifying Your Post Practice Identity

By Michelle Knights | February 28, 2017

In the past week or so, many of us would have seen or read about the latest downfall of the great Grant Hackett. At his peak, he was idolised by Australia at large, he was one of our greatest swimmers and to some, almost a God. But for some time now we have watched his…

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The Importance of Keeping the Vendor as an Advocate

By Michelle Knights | February 28, 2017

The Importance of Keeping the Vendor as an Advocate The success or failure of any practice transaction significantly hinges on the ability to transfer client relationships from the vendor to the purchaser. After all, this is essentially what is being transferred, the right to revenue generated from the continued servicing of a group of clients.…

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