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MAXIMISING VALUE FOR ACCOUNTANCY PRACTICES Speaking last month at a conference of Independent Chartered Accountants I was promoting the idea that many practices could achieve higher prices by having an experienced business broker actively market the opportunity. There is strong demand for good practices or blocks of fees and an intermediary can provide wide exposure while maintaining confidentiality. Statistics show that many practices have sold recently at ratios far in excess of the old rule of thumb (ROT) of 50-55 cents per $1 of revenue. To maximise price we believe accountancy practices should be valued and marketed in a similar manner to other businesses.THE SECRETS OF SUCCESS Catchy heading? – but the truth is that there are no secrets! So many of the businesses that we list and sell could greatly improve their results by ‘just doing’ the simple things persistently and consistently: ? focus on solving the customer’s clients’ problems (they are the ones that pay us) ? build relationships – be on time, say please and thank you, do what you say you will do, finish what you start (thanks to Dan Sullivan) ? become an expert in whatever is your chosen field ? work (really work) - this won’t guarantee success but it won’t prevent it and will put you well ahead of most of your competitors ? learn to sell – a four-letter word but everyone sells their time, product or services ? stay ethical – integrity is non-negotiable “Potential” is a hackneyed word in business for sale advertising, but the truth is that a high percentage of businesses do have upside for an industrious and intelligent buyer. |
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