Succession Planning
Have You Planned the Future of Your Accountancy Practice?
Succession planning is a significant issue for accountancy practices in Ireland, with many principals reaching the transition age without any structured solution. We are meeting more and more accountants who, having worked hard building their firm over the last 30 or 40 years, currently have no realistic exit plan other than selling their firm.
But understandably, many practice owners don’t want to sell to ‘strangers’. You may want to be sure that while being rewarding for your years of hard toil, you look after loyal clients and staff. In some instances, accountants may not even believe that a client base can be sold!
Alternatively, you may have explored your options in a meaningful way, but encountered challenges. It can seem like the younger generation doesn’t have what it takes or doesn’t want the hassle of running an accountancy business. Or, even when they do have the capability and inclination, they may not be able to raise the finance required to buy into the practice.
It’s never too early to plan for the future. Over the last 15 years, we have helped many accountants plan for, and execute, internal succession and external mergers
To start the succession planning for your firm, email us or call us today on 053-9100000 to get initial guidance on the options and opportunities open to you.
How We Can Help
As you transition to retirement as a self-employed accountant, do you find yourself living with the nagging, proverbial fear of being knocked down by a bus? Does the lack of security for the firm, clients, employees and family weigh on your mind at a time of life when there should be more important things to think about – and all you really want is less stress and some financial recognition for your years of toil?
As a relatively young company, OmniPro’s team is of the same generation as the people you need to bring on board. Because we understand what they want - their concerns, fears and challenges - we are uniquely positioned to identify and assess the right people for your practice.
Through our unparalleled knowledge of the Irish marketplace, we have the contacts to make the connections you need. Equally, with a track record of over a decade and a half working in this area, we have the experience to help you to achieve your goals.
If these concerns sound familiar, and you haven’t got a succession plan in place, we can help you start right now.
Don’t limit your options by leaving it too late to plan your exit. Talk to us today to arrange your free succession planning consultation.
Over the last 15 years, we have helped many accountants plan for and execute internal succession and external mergers. We do this by
- Establishing the personal strategic objectives of the principals
- Agreeing the strategic objectives of the firm
- Performing goodwill valuations to establish an independent basis for the market worth of the firm
- Identifying individual and collective succession routes and options
- Developing a Memorandum of Information relating to the merger or succession process
- Assessing the potential of existing staff as incumbent partners
- Identifying and engaging prospective merger partners
- Vetting and shortlisting potential merger partners on an anonymous basis
- Facilitating confidential exploration meetings with final vetted potential merger partners
- Drafting heads of agreement
- Facilitating incumbent partner recruitment
- Advising and supporting incumbent partners in their path to partner as they take on the management of the firm