The Benefits of Using a Broker to Sell and Buy Accountancy Practices
12th Nov 2020
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Selling or Buying a practice can be a life changing decision. Why wouldn't you to choose an expert to help you make sure you make the right decisions along the way?
Using a specialist to sell or merge your Accountancy Practice comes with many advantages. Firstly, they understand what the buyers in the industry are looking for and so are in an excellent position to provide you with advice about how you can make your business more attractive, which should in turn lead to a better sales price.
As a specialist in your sector the broker will have a high-quality buyers list and will be able to match your requirements with the best of the buyers that are in the market looking to acquire. Additionally, choosing a broker that understands the ins and outs of an accountancy practice means they are more likely to know what objections a potential buyer might use to try and negotiate the price and so will be able to offer you advice on the reasonableness of any offer.
Confidentiality is often a key requirement when selling an accountancy practice and a specialist broker will understand your need for this. A good broker will go to great lengths to protect your identity in the marketplace until you are ready (or not) to reveal that you are selling your practice.
A specialist broker in your sector will also understand that there are multiple ways for you to exit the practice if that is what you want to do. It doesn’t always have to be an all or nothing scenario and this also helps them match you to the perfect buyer. This cuts down on time lost through buyers not fully understanding your exit strategy and should reduce the time required to complete a deal.
As you don’t usually pay the sales fee when using a specialist broker to sell your Practice then you really have nothing to lose but everything to gain using a good broker. They should help take away the stress, be able to reassure you throughout the sales process and offer advice and solutions to make sure the deal is completed and everyone is happy with the sale.
When you are looking to buy a practice using a broker saves you time and money. They will work with you to locate the right practice to fit with your goals. For example, are you looking to start to small or purchase a large block of fees?
Your broker will act as an intermediary to help you negotiate with the seller and be on hand to help if there are any differences of opinion so that the deal stays on track. They should be able to offer you advice on the due diligence process, taking over a lease, TUPE regulations as well as answer others general legal queries.
In summary they are in a position to offer you expert advice and guide you through the process of buying a practice from the initial meeting to signing on the dotted line.