Succession and Exit

Succession and Exit

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My little firm has prospered in my lifetime but in my mid-50's I have started to think about exit strategies. The problem is that because my practice is a bit of a specialist one, I'd get less than best value out of selling the thing by advertising it or hawking it through an agency. Such a process would also leave a lot of much-loved clients with an uncertain future and probably they'd vote with their feet.

To get good value I need to hand over to a successor who can be brought in, learn the ethos of the firm and the weirdnesses of our little niche and then take over in a transition process that might last 5 years or so. It'll be tricky enough for me, having never had to work with a partner before.

But where do I get hold of people in their mid to late 20's who'd be looking for this kind of opportunity for the rest of their lives? Are there agencies for this kind of thing or is it just a case of advertising what would be a slightly weird-sounding job? Or should I just give up this and try to sell out lock, stock and barrel?
Marion Morrison

Replies (6)

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By User deleted
20th Sep 2007 13:16

Location
Where are you based?

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By MarionMorrison
20th Sep 2007 22:05

You offering?
North London although relocation is perfectly feasible. Does this make a difference?

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By AnonymousUser
21st Sep 2007 08:00

Partner
The transition period takes a long time, and you'll want some retirement money out of the deal. Advertise for a an accountancy opening in a small firm specializing in XXX, with partnership potential. This should get you people who fit the bill.

A note on the age of the applicant - you don't get to discriminate on age anymore. Ask the applicant - no matter their age - what their long-range plans are. If they're 50 and plan to retire at 55, the position won't work. But if s/he's 50 and plans to retire at 70, I wouldn't necessarily turn that person down. You want the ideal candidate, which includes at least 20 years service towards the client base, so I would open it up to people of middle age.

Hire the person on a 3 month or 6 month contract at first. My personal experience is that one out of two candidates interview well enough to get the job, but end up not being all they were cracked up to be.

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By User deleted
21st Sep 2007 10:44

Location
It's exactly the opportunity I'm looking for but I'm based in the North West so it's a bit of a non-starter!

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By AnonymousUser
21st Sep 2007 17:30

Sucession & Exit
Hi Marion

I am intrigued.

Can you drop me an email on [email protected] so I can
get more of a feel of your business and your requirements. I too run
my own practice.

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By AnonymousUser
24th Sep 2007 13:52

Interested
I would be very interested in working with you as this is just the sort of opportunity that I have been waiting for. Location also sounds perfect.

If you could contact me on [email protected] I would very much appreciate speaking to you further and I can provide further contact details.

Kind regards, Sonia

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