As you know, my line of work every day involves talking, advising and consulting with Accounting Partners about the BUY/SELL/MERGE or succession option.
I recently spoke with a Partner that was looking over their shoulder towards retirement.
The Vendor mentioned that they were looking to retire, and if I had the right purchaser or fit, then they would be prepared to move quickly.
I questioned the Vendor about what they would do, if the price was right. They replied that they would retire from the practice and start painting the house.
I then asked what they would do, once the house was painted. They replied they would landscape the gardens.
I probed further to find out what they would do after the garden was done. They mentioned they would spend time with their grandchildren. (Nothing wrong with time spent with loved ones)
I continued to ask, "And after spending time with your grandchildren, what would you do?”
They looked at me stumped and finally said, “I have not really thought about that, Riki..."
The moral of the story here is that we at Accounting Practices are not focused on the bottom line when it comes to discussing your practice.
Yes, I could have easily sold the practice and reaped the rewards monetary wise, however, did I take the vendor on a journey of understanding the
process post sale? Did I really give the vendor all his options?
I truly believe that the process needs to ensure the vendor is 110% happy.
Remember it is the vendor that has built up the goodwill over a number of years!
Just for your information, we sold the practice a year later. The vendor thanked me for it and stated that after our initial talk, he seriously started thinking.
The vendor also thanked me for not rushing the process, as we both know we are not dealing with product flogging, but with the emotions of people!
What differentiates an expert from a rookie? Someone who invaluably understands people and unquestionably, experience in the market.
That is a typical journey we take our clients through. We want to ensure, whether you are a buyer, seller, looking to merge or other, that all your cards are on the table, so that we are able to check list what fits your needs moving forward.
There are some cases where we are happy to look at an Internal analysis ie SWOT Analysis of the firm to ensure we cover all bases.
Needing expert advice to BUY/SELL/MERGE/SUCCESSOR or OTHER?
Come and talk to the Experts at Accounting Practices Limited today.
A director of Accounting Practices Limited.
022 0432 880 or firstname.lastname@example.org
Licenced under the REAA 2008