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Clients for sale

Closing down practice

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I have a small practice, which has been going since 2018. Turnover is £50k, no employees and all clients are 'virtual'. It comprises broadly of:

- one client for whom I do all bookkeeping, including bank payments

- a small number of clients for whom I check and submit quarterly VAT returns, and prepare annual company accounts.

- a number of clients for whom I just prepare annual company accounts, and charge once a year when I do the accounts. All bar one or two are FRS 105.

- a number of clients for whom I just prepare annual self-assessment returns. Some of these need quite a bit of tax knowledge - e.g. statutory residence test, employee shares, pension rules.

I'm planning to close down the practice after the next self-assessment deadline (so hopefully by end Jan 2023), and wondered whether anyone would be interested in my clients.

The way I would envisage any transfer is simply that I would offer to put my clients in touch with you, you could quote them whatever you like, and if they come to you a referral fee would be payable to me. So no payment for any clients who you don't get, and also no obligation to take any clients you don't want. Some of my clients are pretty rubbish, and I charge them too little (I can simply tell these that I'm closing down and they need to find another accountant). On the other hand, some are very decent clients. It's no problem to pass on chunks of clients - e.g. just the tax return clients or just the accounts clients.

I'm ICAEW and CIOT qualified. My accounting clients generally require little specialist knowledge, some of the tax return clients do need tax knowledge. I'm happy to chat to anyone who's interested, so if you are please do PM me then we could set up a video call. Basically I'm looking to find a good home I can direct clients to, and hopefully to get something for them as well.

 

 

 

Replies (14)

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By benten
04th Jul 2022 14:50

where abouts are you based?

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Red Leader
By Red Leader
04th Jul 2022 16:27

Use a broker. Buyer pays the fee. You'll reach a bigger market of qualified buyers.

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Replying to Red Leader:
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By Calculatorboy
04th Jul 2022 22:56

Yep broker is probably best option , you sound very reasonable so should have no problem...Happy retirement from this cr#p

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By mgandc
05th Jul 2022 10:06

Another vote for using a broker, having bought twice, once with a broker and once with someone giving them the option of moving over, I'd use a broker every time.

Much smoother transaction, easy for everyone and those that don't come across your agreed clawback position will adjust the proceeds

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Lisa Thomas
By Lisa Thomas - Insolvency Practitioner
05th Jul 2022 10:38

What area are you/most clients based, please?

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Lisa Thomas
By Lisa Thomas - Insolvency Practitioner
05th Jul 2022 10:38

What area are you/most clients based, please?

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Replying to Insolvency Practitioner:
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By Hugo Fair
05th Jul 2022 11:00

OP says "all clients are 'virtual'" - which I hope means they are scattered across unrelated locations (and not that they don't really exist)!

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Replying to Hugo Fair:
Lisa Thomas
By Lisa Thomas - Insolvency Practitioner
07th Jul 2022 11:43

Thanks Hugo. I realise that but an interested party, asked me to ask.

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By bernard michael
05th Jul 2022 11:39

Are you the start of the MTD charge for the exit perhaps??
Good luck either way

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By tomal purkaystha
05th Jul 2022 21:59

Hi,
Please DM me at [email protected]
I am keen to have a chat with you regarding this.

Thanks
Tomal

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By LockhartAminAccountants
06th Jul 2022 00:51

Hi happy to have a chat regarding this. Can you dm on [email protected]

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By Philysis
06th Jul 2022 07:45

Hi , like to explore the opportunity . Email me at [email protected]. My firm has a track record of similar acquisitions ensuring win win for clients and vendors. Many thanks

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By Philysis
06th Jul 2022 07:45

Hi , like to explore the opportunity . Email me at [email protected]. My firm has a track record of similar acquisitions ensuring win win for clients and vendors. Many thanks

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By sjmaccounting
07th Jul 2022 08:10

interested in hearing from you [email protected]

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