News

Are Our More Senior Practitioners up to the Task?

I’m sure most of us are starting to experience the retirement of their trusted professionals. My life long doctor retired just over ten years ago. My dentist retired almost two years ago. No doubt it’s a question many clients will be asking themselves where they have more senior advisers. When is my doctor, dentist, accountant, lawyer going to retire? It’s going to happen; it’s just a matter of when, and replacing these trusted relationships is really quite hard.

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Do You Have the Necessary Legal Documentation in Place & is it Up-to-Date?

To be really frank, it is truly amazing how few professionals actually have the appropriate professional and personal legal documentation in place and current. Now some would say such agreements are not worth the paper they are written on, however some form of guidance is better than none in my experience.

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Why Charging a Fair Market Price for Your Services is Important

Historically, most professional firms have calculated their charges based on the time taken to perform the work. This was obviously a mix of the charges associated with individual personnel and their contribution to the overall job at hand. However, hopefully somewhere in that process was also consideration for what the market would bear. That said, more recent trends profess the application of fixed, pre-set or pre-agreed fees.

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Preplanning is Absolutely Essential in Maximising Your Succession Value

From time to time I have to deliver some unsavoury news to practice principals along the lines that their firm, or equity therein, is not worth what they think, or perhaps more accurately, hope it is. There are a couple of basic principles that seem to get thrown out the door during periods of negotiation or value determination. The first being, just because you bought in at ‘x’ dollars however many years ago, does not mean that value does, or should, remain relevant or accurate today. I have never seen any other asset remain consistent into perpetuity so why would this apply to the practice values? As is the case with all assets, its value fluctuates based on a number of both internal and external factors.

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