When I ran the Ultra 100k marathon earlier this year I went into the unknown not knowing what to expect, I prepared like a man possessed, surrounded myself with people who had been there done that!
I have a personality that if I set my mind to something, I will move heaven and earth to move towards that goal and conquer it!
In my current role as a Director of Accounting Practices I have interviewed and met many Accountants that are looking at options to acquire a Practice.
I believe it comes down to a person’s personality and how they envisage themselves running an accounting Practice post take over.
If it is someone acquiring a practice for the first time on their own and unsure of the process, I do tell them it can get “Lonely” , I am not going to sugar coat something if they are going into the unknown!
Sometimes being a lone ranger when you set out to buy a practice can set you on a pathway to learn and grow in confidence.
Here are some tips below that may be useful or can be taken into consideration when thinking about buying an accounting practice or fees.
- Dissect the fees and find out where the main source of income is coming from, revenue coming from selective few could ring alarm bells
- Don’t Purchase out of emotion or pressure!
- If there are staff involved then ensure they buy into the big picture and assure them their jobs are safe if you are taking them on board post take over.
- Plan ahead for clients to deflect, rule of thumb is usually 10-20% drop off after year 1.
- Just like buying a house, invest wisely and do your Due diligence, sometime the difference between forking out a few hundred to do a valuation and not could cost you thousands in legal fees if things go belly up.
Call or contact us at Accounting Practices for EXPERT advice in the art of BUY/SELL/MERGE or other!
We are the only agency that is 110% dedicated and focussed in Accounting Practices.
A Director of Accounting Practices
09 363 9584 or email@example.com