Are you up to par when it comes to business advice?
14th Mar 2021
Brought to you by
Share this content
We like to think of ourselves as having sound business acumen, after all we're trusted business advisers aren't we?
So why is it that so many accountants seeking to grow through purchasing fee blocks simply don't understand the state of the market and refuse to budge on the multiple they have lodged in their minds? - Is it a case of the "cobbler's children going barefoot" ?
There is a fine line between acting on principle and being downright stubborn. Refusing to acknowledge the market has shifted means that you'll never get a deal, for 2 reasons. Firstly, your offers will simply not cut the mustard and secondly, brokers will ignore you. It's that simple, but I have conversations several times a week with accountants who simply don't get it and are left behind.
But the bigger worry is that these people are dispensing business advice to their clients - maybe it's a case of " do as I say but don't do as I do" ?
So how does a client really know if their trusted business adviser is acutally good at advising in business and to be trusted when the chips are down?
We do all sorts of deals at Henley and I have been very impressed with how business savvy many accountants are, but is there a way to better measure this? Regrettably not, so the best one can hope for is that those who are not too sure of themselves steer well away and stick to compliance.
Henley Business Brokers are independent specialist business brokers and business transfer agents, working collaboratively with accountants, focused on owner managed companies in the Manufacturing, Engineering, Fabrication, Industrial, Distribution, IT and B2B Service sectors, with turnovers of between £0.5 million and £10 million.