Practice Sale And Merger
Would You Like to Sell Your Practice?
Accountants often talk about how the business has become more challenging in recent years and some are considering a practice sale. They sometimes tell us that they are working too hard, there is too much stress and not enough profit or, with constantly changing regulations, they must run harder just to stand still.
Accountancy firm owners have days when they feel like that. If the passion is still there, of course the solution can lie in finding better ways to run the business. But sometimes that is easier said than done.
On the other hand, these may be more than fleeting thoughts on the occasional day. You may find yourself constantly wondering if there is an easier way to make a living. It could simply be a longevity issue – you have spent too many years doing the same thing – and you find yourself getting up every morning to work in a business that has lost its spark. Or it may be a health issue. Accountancy can be a stressful business, so taking a step back from your practice could be beneficial. Whatever the reason, now may be the right time for a change.
When older practitioners hold on, debating the issues for too long, we often see their firms begin to go into decline, reducing the value they’re paid on exit
If you want to explore selling your accountancy firm, email us or call us on 053-9100000 to start the process and get initial guidance on the options and opportunities open to you.
How We Can Help With a Practice Sale
Selling your accountancy practice is a significant life decision. While it may seem attractive, you will, no doubt, wonder whether it’s a viable option. It’s not unusual for owners to have questions such as whether the practice is saleable, the value of the goodwill they have built up and how they can make the sale discretely without everyone knowing. However, when older practitioners hold on, debating these issues for that fraction too long, we often see their firms begin to go into decline, reducing the value they’re paid on exit.
We have been involved in the sale of accountancy firms since OmniPro was established 15 years ago. Over those years, we have seen all the painful mistakes that can be made during the sale process – and how to avoid them.
We don’t participate in the purchase of accountancy practices. Because we act only for sellers, our focus is always on getting the best possible deal for the seller.
We have built an extensive database of interested buyers throughout the country, and our insights about the firms on our database enable us to identify the best possible buyers to align with what you, the seller, wants and needs.
In structuring the best possible transaction from your perspective, we maximise the value of your firm, which ultimately creates a win-win situation for yourself and the buyer.
The earlier you start to plan, the better. Whether you plan to exit your practice through a sale, a merger or internal succession, we can guide you through what is likely to be one of the most important transactions of your life.
To explore your options, start with an initial free telephone consultation to assess how we can best help you.
Steps Involved in Advising on Practice Sale
Every transaction is different. Depending on what the seller wants to achieve, the ways we can help include
- Establishing the personal strategic objectives of the partners and the firm
- Creating the profile of the ideal acquiring firm
- Providing a basis for valuing the firm’s goodwill
- Developing a Memorandum of Information relating to the purchase
- Identifying and engaging potential purchasers
- Vetting and shortlisting potential purchasers on an anonymous basis
- Facilitating confidential exploration meetings with final vetted prospective purchasers
- Drafting heads of agreement
- Assisting in the due diligence process
- Advising in relation to the drafting and exchange of purchase contracts