The financial year is near and you are probably either winding down following a great financial year or contemplating whether to sell Buy, Merge or let go of the reins and source a successor?
Some of you are thinking, well I SURVIVED or almost??
I am sure there are many BUSINESS OWNERS thinking I need to do things differently in this next financial year!!
We are finding through closing sales and assisting and advising many firms, there is an emotional attachment to the clients or going into the unknown post sale scares the living daylights out of many vendors.
We are also coming across the common scenario of sellers not financially secure to retire just yet and before they know it, the value of their practice has diminished due to client drop offs or the purchaser deciding to purchase elsewhere.
Some vendors do not have a plan B or some are just caught in a catch 22 phase.
Let’s face it; there is that perception from the public that the stereotype accountant is a grey suited, introverted bean counter?
I know this may sound a bit cliché, but sometimes business owners needs to take a step back from working in their practice and plan strategies to ensure they work on their business.
Here are a few tips that could be useful:
- To maximize time, many firms are looking to outsource the compliance ( this may scare many, sometimes research smooths the transition)
- Firms are looking at going in the cloud and becoming less paper reliant (nothing new in this day and age)
- What is wrong with a smile to greet your clients from all levels?
- Have a clear exit strategy whether it be succession, sell up (cash up) etc
- Ensure your fees are generated across many clients and not just a specific group
- Clean up your offices – at least get some up to date magazines and a daily newspaper!
- Form a supportive network!
- Keep your best staff on board and ensure they buy into the firms ideas
- Don’t jeopardize family time; don’t miss important events or precious moments in your family life that will keep you grounded.
- If there is an opportunity to SELL at the right price, then talk to us at Accounting Practice and we will give you unbiased feedback on the market value.
If you plan to sell or just needing advice then see us first; at Accounting Practices Limited.
Give us a call at Accounting Practices Limited, whether it is BUY/SELL/MERGE or needing high end Accountants or Succession Planning!
09 363 9584 or firstname.lastname@example.org