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