When it comes to selling, transparency is key.
This may seem obvious, but recently we have had several cases where information that is provided in the early stages of a listing did not match the reality – only to be discovered when the purchaser was carrying out due diligence.
Not only does this hinder the selling process, but it also puts doubt in the purchaser, who will now think twice about the purchase or decisions based around it. What has the vendor gained from this lack of transparency.
Nothing positive, that is for certain.
The client list is a major factor for any deal, so having this up to date and clear is very important. Potential or exiting clients should not be included or should be addressed from the outset. Again it comes back to transparency which will ensure a positive relationship is held between the vendor, the purchaser and clients.
Being transparent with external parties is important, but what about transparency with yourself?
-Is now really the right time to sell?
-Am I selling for the right reasons?
-Will I be in a better position to sell in 12 months?
These are the questions that you need to ask yourself. Often you are selling at the wrong time, when you have a net loss of clients or have simply run out of steam. This of course makes your practice less desirable in the eyes of potential purchasers.
We understand that selling your practice can be a difficult and emotional process but if you have clarity around the selling decision, then the process will be much easier for everyone involved. We also understand that gaining this clarity can be difficult alone, and that’s where we can help.
If you are thinking of selling or wondering if now is the right time, get in touch for a no obligations chat so we can help you find the clarity required when making a life changing decision.
Talk to the experts and New Zealand's only premier agency working exclusively in the Accounting market nationwide.