As you can imagine, I get to speak to many many people looking to sell or buy professional practices, and it often intrigues me as to what some parties may consider favourable attributes or characteristics when in reality they’re actually not. Now, please let me preface this with, the following examples are not intended to…

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Selling your professional practice comes with numerous challenges that should never be underestimated. Achieving a successful outcome, or otherwise, will often be driven by how familiar both parties are with the process, their knowledge of current market conditions, their willingness to be reasonable within their expectations, and their availability of time to work through the…

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So we all know and appreciate the basics of supply and demand. This has been a principle that has been influential upon the transactional market, of particularly accounting firms, for many years now. Essentially, the availability of accounting practices for sale in the open marketplace in many core areas throughout Australia has been limited for…

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What do Current Vendors look like? If research is correct, we are going to experience around 52% of current practitioners, principals, partners, directors, practice owners retiring in the next five years. Furthermore, this number has seemingly increased by over 10% in a year. Such results probably aren’t overly surprising; we have been waiting for this…

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Beware of the Bogus Broker I recently received a call from a client who had listed their practice for sale with another supposed ‘practice broker’, wanting to discuss their dissatisfaction with the “broker’s” performance thus far and seeking some advice around what realistic market expectations currently where in terms of transaction times, price and the…

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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 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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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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