Jeremy Kitchin of APMA assesses the position of those asked to buy into an accountancy practice and outlines the key questions you should ask before you sign on the dotted line.
Goodwill
When buying a practice we are talking about the transfer of goodwill, but what is meant by ‘goodwill’ in the context of an accountancy practice? Many would argue that the goodwill lies in the ownership of the client files, i.e. in the opportunity to provide services to the clients and bill them for those services.
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