We are fielding many inquiries about the process and giving Accountants a good understanding of the Buying/Selling/Merging or other when it comes to Accounting Practices via our detailed forms vetting process and support in assessing value.
We both know that the main contributing factors that will determine take home dollars will be staff costs, the purchase value of the practice, rent, repayment on Business loan to purchase the practice (even if hypothetical) etc .
When I ran the Ultra 100k marathon earlier this year I went into the unknown not knowing what to expect, I prepared like a man possessed, surrounded myself with people who had been there done that!
I have a personality that if I set my mind to something, I will move heaven and earth to move towards that goal and conquer it!
In my current role as a Director of Accounting Practices I have interviewed and met many Accountants that are looking at options to acquire a Practice.
In our successful track record of selling Accounting Practices, we are surprised that many firms do not use proper commercial lawyers that understand business transactions.
If you are selling your practice, then engage in a commercial lawyer that understands Accounting practices, some tend to use a family lawyer that specialise in residential properties, this could lead to a poor outcome.
I have had numerous requests from young ambitious Accountants about investing capital into a business for a salary. Some Accountants are unsure about working for the next 10 years as an employee only to make their dream a reality!
I know for a fact most Accountants I have come across would rather work on comfortable packages as opposed to the stress worrying about growing a business, overheads etc
If there was any advice I would give to young ( early 30’s, early 40’s) Accountants looking to make that bold move into ownership its this..."Learn to be comfortable in your own skin"
Be comfortable and confident in being able to deal with people, have that authoritative persona about you so that it is reflected or magnified in your language, your character, your personality and your appearance!
Sometimes it takes courage, research, skills and mental toughness to accept the fact you will go out into the unknown.
When me and my brother ran the Tarawrera 100km Ultra marathon this year, we did something our networks, friends thought was impossible to achieve. There are not too many Pacific Island endurance runners out there, let alone brothers running the same race and running beyond marathon distance off road.
We also broke mainstream media by telling our story in the NZ trail magazine that goes out internationally to endurance runners!
We are fielding many enquiries about the Buying/Selling/Merging and succession planning in the Accounting market.
We have been invited to discuss the market from reputable accounting firms and have advised many Partners in terms of the Accounting market and changes.
This website site was set up by one of our consultants back in 2005 after successfully selling his practice a few years ago. He wondered why he had to wait for the Accountants Journal to come out each month before he saw what advertisements appeared either to buy or sell practices or a block of fees.