Exit strategies are a sensitive subject when it comes to an Accounting Practice owner looking to exit the practice.
Public Practice in New Zealand is a niche market with an extensive number of chartered firms nationwide, accompanied by Tax agents and independent Accountants; exit strategy has always been a sensitive subject and is a growing issue in NZ. Exit strategy is not one to be discussed when starting a business, however at some stage a business owner will exit.
In our experience, we have dealt with many Accounting firms growing either by organic growth or growth by acquisition, the intention however, at some point later down the track is to get a return on their investment
In fact discussing the ‘exit’ strategy phase is a very sensitive topic in the Accounting Industry. I can sense there is a growing frustration amongst younger Accountants, not being able to progress their career forward, due to older Partners happy and not ready to retire anytime soon.
As part of my MBA thesis on ‘Investigating the challenges faced by Accountants, looking to exit’ there were some interesting findings.
Many view an exit as either a success or failure; you will be surprised at the intent of someone looking to exit a Practice or business.
Generally, as exit could be deemed as a success if it is on-sold to another firm, investor or leaving on their terms, whereby in contrast, there are those that have exited due to financial strain, time and are at times deemed a failure. There is an exit that is beyond our control and that is called ‘age’.
Over the coming months, I will provide excerpts on my findings and share common or market trends in the Accounting Industry.
The brokering division has listed some very credible practices and continues to be market leaders when working exclusively in the Professional space.
Our Public Practice recruitment team continues to provide expert and specialised service to our clients. Martin Rattray is heading up our recruitment division for Public Practice Accountants, having had an extensive background in Public Practice (Big 4 trained) he brings that cutting edge when dealing with Partners. There are not many recruiters, if any that has the maturity and professionalism displayed by this astute Manager.
If you are looking at Market Advice or looking to BUY/SELL/MERGE, please contact the experts in Public Practice.
A director of Accounting Practices Limited.
022 0432 880 or firstname.lastname@example.org
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