One of the things that constantly amazes me about the Accounting profession, is the reluctance of practitioners to consider retiring. As you know, our agency is the only Brokerage firm working exclusively in the Accounting Profession. We see this all the time on a daily basis and it is a major problem with many Accounting firms.
It blocks career paths for up and coming younger members and therefore makes them either look at other options or worse still, go out on their own and take a chunk of the clients with them!!
By not ensuring that we have a tidy exit this also tends to reduce the price of what could be achieved if an earlier sale was made.
Yes we understand, that we all love our clients (well most of them!) and you think that no one else is capable of giving them the same level of service and professional advice BUT surprise, surprise clients are able to tell if you are keeping up with them and their plans or are just marking time until you have to retire!
So what we find appeals to young aspiring practitioners is a vendor who is still has a growing and vigorous practice where new clients are being attracted to and where of course, a higher Goodwill can be negotiated!
So at this quiet time of the year here is your first task!!
Print out your complete debtors and Work in Progress and with a bright red pen mark those debtors who you have no chance to collect and WIP which has been sitting there forever and write those off NOW!!
Of course you can still pursue those debtors and so you should!!
Looking for advice on your Practice?
Looking to BUY/SELL/MERGE or needing a Succession plan in place?
Come and talk to the Experts at Accounting Practices today.
Riki Sila or our office team firstname.lastname@example.org