Now that you’ve taken the decision to sell your practice you have reached second base, which is how to market your business, explains Norman Younger.
Before proceeding I must apologise for referring to your practice as a business, but although you are a professional you must never forget that what you are selling is a business and as such the whole exercise needs to be viewed in that light.
If you’ve ever sold a house the odds are that you used an estate agent and probably never even considered trying sell it yourself with a sign in the garden stating “House for sale by owner” and displaying your mobile phone number. If so, you would be in good company as very few people sell their house themselves without the assistance of an estate agent in spite of repeated attempts by market disrupters who are continually trying to facilitate such disintermediation. It’s not simply down to tradition and inertia – agents of all sorts are still going strong for good reason.
When it comes to selling a business, in this case an accountancy practice, the owners are faced with the same choice as the householder – to cut out the middle man or to follow the well-trodden path and use an agent.
The advantages of using an intermediary are...
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