Finding equity partnership opportunity

Are there any opportunities join an accounancy practice as equity partner in London?

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I am FCCA and CTA based in London. I started my own practice about a year ago after working several years in various accountancy practices (including Top 10 firm) in accounting, tax and auditing. My practice is growing well and picked up about £50k worth of clients. However, I am finding difficulty to managing everything (from admin to business development) myself. Also, although I am signing up new clients, most of the jobs are only due in a year's time and finding difficult to manage cashflow. So, I am thinking about exploring opportunity join an another established firm as a partner so that I can use my expertise to create win win situation.  I tried to google for such opportunity, but not getting much results except some job ads from recruitment agencies. Does anybody know better ways to finding such opportunity?

I can bring the following assets to any interested existing firms:

  • Strong accounting and tax technical skills including specialist property tax expertise
  • Strong IT skills (including good website and SEO skills for business development)
  • Have own outsourcing operation  

Any ideas on how to find such potential firms who may be looking for a new breed into their firm?

Replies (6)

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By andy.partridge
08th Oct 2017 22:31

What else? Your existing client base as an initial deposit on a more substantial financial commitment? At present your proposition lacks clarity.

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By Sheepy306
08th Oct 2017 23:34

Agreed, I think you need to be either injecting a lump-sum or offering something far more. For a £50k client base i wouldn’t give away a slice of my equity, but would look at some kind of half-decent base salary with a profit-related bonus, so basically a flexible salaried partner, from the very basic info provided there’s just not enough guarantee to offer equity partnership.

I feel that you’d also have much more luck with a smaller practice than a large one, where £50k of fees may have more clout, although your past experience (prior to setting up your own firm) is large-firm based it appears.

I think a decent recruitment agent that is in touch with local accountants, once you’ve explained your offering, would be able to sound out relevant firms. Although there’s no reason why you couldn’t just approach firms directly.

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By Portia Nina Levin
08th Oct 2017 23:37

The firms that haven't already got your technical skills, and that don't already have you other bullet points covered, probably aren't worth joining. And, frankly, having a £50K fee base to add to the pot will just get you laughed at.

On top of that, you appear to be saying that either your management skills are crap, or you don't want to put the hours in.

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By Raj2017
09th Oct 2017 08:04

Thanks guys for very good feedbacks. I perfectly understand nobody will give their equity just to bring someone who they haven't tested yet. I am happy to join as a salaried partner as long as I have the freedom/time to go out & get clients.

After leaving a top 10 firm, I joined a six-partner firm as manager with a view to develop business from within the firm. I was managing a portfolio of £400k, but with little help from juniors. I ended up spending all my time including evenings & some weekends working on jobs and hardly had any time left to look for new clients. It was the vicious circle - without clients, they will not make me partner & without time, I would not have time to network and research to get new clients! This is the reason I wanted to join as equity partner even if it is small equity initially.

Sheepy - Based on your comment, it seems there are opportunities for a flexible partner with the intention to join as equity partner once I prove my myself.

My ideal firm is also a small practice where it is easier convince on some new ideas which I think would be very successful.

Portia - thanks for your feedback. The problem I got at the moment is that I have to manage everything to book-keeping, payroll to CoSec as sole practitioner. My issue is that I would have spend that time getting new clients if I would have support.

Another issue is that I found that a decent size client will not come to a firm with just one man! I am confident that I would have won few leads with decent fees if I was partner in a firm with some staff, etc.

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blue sheep
By NH
12th Oct 2017 15:20

not really answering your question, but (from 20 years experience) if you stay on your own two things I would highly recommend
1. You need a junior even if part time to do the low value repetitive jobs - book-keeping, payroll etc
2. Get your clients on monthly fees

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Replying to NH:
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By Raj2017
12th Oct 2017 17:12

Thanks NH for your valuable suggestions.

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