Selling your practice comes with loads of questions: what price should I expect? What about my staff? How do I know my clients will be looked after? What if I own my premises?
PRACTITIONERS CONTEMPLATING selling are in a strong position due to the abundance of purchasers and limited number of practices on the current market. There is very high demand Australia-wide for buying tax/accounting or auditing practices particularly those turning over anywhere from $300,000 up to $5 million in revenue.
At Quinn & Associates we can answer the questions you have in relation to the processes involved in selling your practice. Over 30 years we have developed a sound reputation specialising in accounting practice broking and our strength of expertise in the marketplace is widely known.
Every practice sale we broker has different nuances as there are many reasons practitioners want to sell their practice, including retirement, moving out of the industry, selling partnership equity, and so on.
As a vendor it is important to consider factors such as the size and types of clients; the profitability of the practice; the location and size of the practice; risk factors; procedures for WIP, billing, and collections; the deal structure, and the necessary transition timing.
As a vendor it is important to consider factors such as the size and types of clients; the profitability of the practice; the location and size of the practice; risk factors; procedures for WIP, billing, and collections; the deal structure, and the necessary transition timing.
As purchasers are typically focused on securing the future recurring fees of a practice, a highly saleable accounting business has a quality base of clients, knowledgeable staff, strong internal systems ensuring work in progress, and well-controlled debtors.
As specialist accounting practice brokers, we take the time to learn more about your practice including the staffing and clients, your sale options, your reasons for selling, and thoughts on the ideal purchaser. We assist with guidance and advice through the sale process from practice preparation through to successful settlement allowing you to continue to focus on managing your practice.
Essentially, you want assurance that your practice is sold to the right purchaser. Our aim is to fi nd a purchaser who is a good fi t with your clients and staff.
Quinn & Associates understands the state of the market and inform vendors and purchasers of what prices have been paid for similar sized practices in the CBD, suburban, and regional areas. We have an extensive database of motivated purchasers and know who to approach that is the right fit for your practice.
A major focus for us is confidentiality and we go to great lengths to ensure that no word gets out that a particular practice is on the market. This ensures your staff, your clients, and other practices in your area do not hear that you are planning to sell.
Advertising a practice directly yourself could cause confidentiality issues as unless you have done your research you don’t know who you are divulging your practice information to. As you do not have the knowledge of what other practices of a similar size and quality are selling for, it can result in being pressured into accepting a lower price than the market rate.
If you are contemplating selling your practice, contact Quinn & Associates for a confidential discussion. You can also schedule a private Zoom meeting at www.quinnassoc.com.au/meeting
As seen in Publicaccountant Journal - July/August Issue > See Journal
Quinn & Associates
Tel: 1300 784 888
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Vivienne Quinn This email address is being protected from spambots. You need JavaScript enabled to view it.
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Tel: 1300 784 888
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Vivienne Quinn This email address is being protected from spambots. You need JavaScript enabled to view it.
Chris Clifford This email address is being protected from spambots. You need JavaScript enabled to view it.
John McCulloch This email address is being protected from spambots. You need JavaScript enabled to view it.
