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Moving next door to a nationwide firm?

Suicide or an Opportunity?

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Hi Folks

I am a small practitioner with one staff. I set up this small practice 8 years ago in a commercial space in a business park and have grown since then.But I would probably need to relocate as the current lease is running out in few months time and there is a possiblity that it will not be renewed. The reason is that there is new management who have some other plans (which i dont know of course).

Having said this, I have started  looking around to find some suitable place to work but i must admit that I am a bit confused between a serviced office space or shop front. I would be very grateful to hear about your thoughts and if someone could share his/her valuable thoughts and experiences on this.

Thank you.

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By tom123
19th May 2017 07:12

Is it the premises or the neighbour?
Premises is just a matter of cost, whether you anticipate 'walk ins' - which can be a bit of a curse, and don't forget parking.

The 'big' neighbour, well that's a bit different.

Are they so big (KPMG) that they wouldn't really notice you, or just regional players who could target your market.

They are unlikely to stick notes in their window saying "don't go next door", and I suppose you could attract some cast offs if they are expensiive.

Thanks (1)
to tom123
19th May 2017 10:02

Thanks Tom.

Its both actually.

Firstly,I need help in deciding if going on a high street or another busy environment with potential footfall is something that I need or is it something that other similar practitioners would suggest as compared to a serviced office space.

Secondly, moving next to that 'big' neighbour HW. Purely based on my fee structure I rather not see them as a potential threat because only one or two of my clients would be happy to pay heft fees next door :) and honestly I would rather let them go because they are just too demanding and pushy most of the times ;) They might see me too small to be concerned (just a thought)

Another thing - Customer behaviour who might prefer to just walk-in or would like to look for a local accountant online (despite of just passing by one on way back to home) No sure about this but may be demographics could be a game changer.

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23rd May 2017 11:11

It could be an opportunity, depending on the potential neighbour.

Assuming they have a generally good reputation, it may be worth speaking with a senior partner there, explaining that you're looking to relocate and it might be next door. If they'll tell you their ideal client profile, and it is very different to yours, you may be able to come to a gentleman's agreement not to poach each other's clients, but also for each of you to refer potential new clients between yourselves to whichever they'd be the best fit for.

You might even find that they could pass you some overspill work at busy times or if they need expertise in specialist areas you've got and they lack.

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