Practice Protection

A Sole Practitioner's Peace of Mind

Introduction

The greatest risk sole and small practitioners face is unexpected injury or death, which prevents their dependants benefiting from the equity established in their business.

Now there is a solution – Practice Protection. All your relevant data is securely lodged with and stored by Rob Knights & Co, trusted advisors to accountants for forty years. It can then be used to expedite the sale of the practice without placing further demands on already distressed family and friends.

The Benefits

There are many benefits to operating as a sole practitioner, however the greatest risk relates to the sudden unavailability of the key person, the principal. Imagine for a moment what would happen to your practice if you were unexpectedly injured or died suddenly.

The value of a practitioner’s firm or equity is often one of their most significant assets to them and their family, however the realisation of such value in the circumstance of significant injury or death will be fundamentally influenced by the ability of a family member or attorney to act promptly in the realisation of the practice asset.

Imagine having in place a trusted advisor who already had stored all the key data required to quickly place your practice on the market.

Michelle Knights has first-hand experience from her personal journey where she had to rapidly assume leadership of the business when Rob Knights died in 2004.

In response to these unexpected events, as well as requests by numerous practitioners to be the first contact point for their spouses, Rob Knights & Co has proudly developed this innovative service ideal for sole and small practitioners. It provides storage and annual revision of all the necessary data and ensure it is readily available to commence the sale of the practice, without having family or friends further distressed at an already difficult time.

How it works?

  • To register click here
  • A template will be forwarded to you for completion.
  • The completed document is then returned to Rob Knights & Co for secure storage
  • You document in your will and estate plan (and we suggest inform your next of kin) that Rob Knights & Co have secure, up to date information on the practice that will ensure the value of the asset is not lost should an unexpected incident occur
  • In the event of a severe injury or death, your executor or representative will contact Rob Knights & Co and the information is provided to expedite the sale of the practice
  • You provide updated data annually to ensure it is market relevant and ready (at the same time the old data is destroyed)

Who does this service suit?

Practice Protection is primarily designed for sole and small practitioners of all sizes, however it may also suit two partner firms where the practitioners are not familar with the clientele of their colleague. 

What happens to my data if I don't renew my subscription?

Quite simply, all data pertaining to this service is destroyed once the subscription lapses by 6 months.

Who can obtain my data should something happen to me?

Upon the provision of the data, each practitioner will nominate who can gain access to this information. It is these parties ONLY that will be supplied with relevant data.

Cost

This low-cost service, which will provide practitioners with peace of mind knowing that they have put in place the most effective strategy if the unexpected were to happen is available for only:

  • $550 for the initial year, and
  • An annual renewal fee of $198 per year thereafter.

Trauma or tragedy is very debilitating for those closest to us, so ensure that those you care about most are given the best opportunity to act promptly to realise the value of your significant asset, whilst minimising the anguish associated with trying to put together the necessary data which will underpin a successful transaction. Register today!

Please direct further queries to practice-protection@robknights.com.au or call (02) 9233 4333.

 


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