Looking to sell your practice?
It may not be an imminent consideration and you may think that you cannot afford to relinquish your practice just yet, but there is certainly no harm in exploring options early and much to be gained from exiting when the going is good.
It is always important to have in place a succession plan or a fool proof exit strategy to safeguard your own retirement and the continuation of a competent and skilled service to your clients.
We are experienced in acquisitions and mergers and have an excellent track record in meeting the retirement goals of the exiting partners/practitioners. In previous acquisitions where the businesses have had staff they have been an integral part of the process and a welcome addition to our team.
We are confident of our ability in this area and the testimonials shared below go some way to reflect this. We would be delighted to put you in contact with the practitioners of firms we have acquired. They are in the best position to be able to share their experience from conception to conclusion and hopefully answer any questions or concerns you might have. If you are interested in talking further, please contact Adam Brosnan in strict confidence:
T: 01484 722125
M: 07799 338556
Geoff Senior 2008
I did have concerns about how the sale of my practice would go. However the whole thing went very smoothly from the first discussions until when the final payment was made. I was particularly concerned about client retention and how much my own cared for staff members would be treated. I need not have worried. Client retention was very high, in fact existing clients continued to recommend others to the practice which resulted in more 'gains' than 'losses'. Staff were given excellent opportunities to progress in their new environment and are happy and thriving. I continued working for Brosnans for a few days each week during the first two years after the sale. I was quite surprised how much I enjoyed what was my first experience of employment for almost forty years! It was a pleasure to work alongside Adam and the rest of the Brosnans team for this short period of time before deciding to make the break complete. I still enjoy my occasional visit as a client now
G H Senior & Co
Graham Marshall FCA 2009
Unless you have younger partners, or staff with potential to become one I am sure you will eventually "leave it too late" to get the best out of your client base. By chance I was somewhat thrust into action and to cut a long story short we were "introduced" to eight practices in the area and shortlisted this to 4. After casual and strictly confidential discussions with each we eventually made the choice of Brosnans.
The reasons were numerous but the main ones were:
- Similar type and size of clients.
- The staff blended in perfectly
- Filing systems and routines were very similar
- The accounts preparation software and tax software etc was similar
- A very important factor was that the younger (son) partner was at the time 35 years old and we had a considerable number of growing clients of a similar age, in fact since our merger one of those younger clients( who had left us for "a younger accountant") actually returned when he found out the details.
- I believe our experience contributed to the strengthening of the practice
- The office is centrally placed in Yorkshire and is easily accessible from Bradford, Leeds, Huddersfield, Wakefield etc
The financial Deal
- We agreed on a multiple of fees (the going rate for our size of fees and staff quality)
- We took payment in 3 equal instalments . 1st on signing, 2nd after 12 months and the 3rd after 2 years.
- There was an adjustment to the third if fees reduced in the 2 year period but none was necessary.
- My partner and I were employed for the 2 years ensuring a smooth client transition.
- The other partner has now fully retired and I am acting as consultant and doing work as required. It is quite refreshing not to have the admin after a long day!!!
- In addition to the receipt for fees all our own Sales ledger came in as well. We were paid for WIP at change over when billed and received.
- You will be able to work out your own tax liability but, with overlap, IT was quite low and CGT was also.
- I am truly now in a comfortable position and would not go back to running a practice.
- I still get the buzz of discussing work/clients problems with Adam.
- I get an even bigger buzz seeing my golf handicap come down and now enjoy many work-free thoughts in southern Spain!".
Craig Smith AAT 2010
"Roy Tennett was a sole practitioner and I had worked for him since leaving school, sadly he died suddenly in 2010 leaving the practice up for immediate sale. I was obviously unnerved and unsettled as I had only just completed my AAT. I understand that a few firms were interested in purchasing the business but Roy's widow decided to sell to Brosnans. I was then faced with a whole new set of concerns: I only used to work with 2 colleagues and now there would be 20+, would I fit in, would my job be secure, what if I didn't get on with the boss, would Brosnans expect too much, how included would I be?
I have to say the team were helpful, friendly and welcoming from day 1, Adam sat down with me and explained his plans and vision for the business and for me and the Tennett clients. The main positives arising since my first day being part of the Brosnans Team have been the opportunities it has afforded me, I have decided to specialise in Tax and have been fully supported to pursue the ATT qualification, with scope to do the Chartered Institute of Taxation qualification. I enjoy working with a younger more dynamic boss with whom I can relate to. The main benefit however is the access to the pool of knowledge that there is from the whole of the team, and the investment the practice makes in software and training to keep fully up to date on the ever changing rules and regulations. The decision to move to Brosnans was a good one, and I am grateful to all who made that possible".
R S Tennett & Co
Karen Postlethwaite FCCA 2012
Once the acquisition was announced myself and the team had some obvious concerns. These related to job security, changes to working practices and Brosnans plans for the future of the practice. The concerns were raised and we were assured that our jobs were secure and that the plan was to develop and grow the practice in the current location. Whilst the retirement of the owner was in isolation a key life change, it is the team that supported him that feels the day to day impact and has to adapt to change. It is a pleasure to say that my concerns were without foundation.
At every step of the process I felt involved. I worked closely with Adam and his senior management to ensure that even the smallest consideration was listened to and acted upon, I was kept up to date at every stage through progress reports and meetings. Consequently this allowed me to adapt to some new best practice methodologies and focus on the smooth running of the practice by providing continuity to clients with confidence. I have to say that a whole raft of new processes were not dictated to us, but rather it was a mix of best practices in both offices coming together and really felt that my opinion counted.
Brosnans tackled any issues that were raised during and after the purchase with efficiency and staff morale is high. Any changes to working practices were discussed and those implemented have only benefitted the firm by streamlining existing processes, reducing the administrative burden, increasing utilisation and providing more insightful management information. Now, over a year has passed and I feel that it was very beneficial to merge into a larger practice and that the benefit has been felt by the staff and clients alike, and I am very happy to be part of the Brosnans team and feel fully supported. One of the greatest benefits for all the staff and to the clients is access to all the experience that Brosnans has".