Retiring Accountant - Blog Archives

Imagine selling your Accountancy business

It is one of the most important business decisions you will engage with in your life

And is definitely something you will hope to only be doing once

Unfortunately there are several recurring and crucial mistakes we observe Accountancy owners repeatedly making in the open market place

After over a decade of experience we consider the following three questions as the most important 

1 Are they really serious about acquiring

Primarily it is key to avoid insatiable buyers or buyers who are merely dipping their toes in the water and lack the proper conviction to acquire

When the cost of the process starts to outweigh their misguided and shallow perception of the benefit a failure of completion is more than likely wasting not only your time, but also your money

On the flipside there are many ambitious firms in the market that have clear set goals with a strong vision of how acquiring a practice can help them achieve their strategic goals 

2 What is the typical acquisition profile

Once it is clear that a firm intends to grow by buying others the next step is to figure out what they want to acquire

Does their acquisition history uncover trends about size and stage of targets

If a company generally buys some for £200,000 and others for £2 million how does that mesh with your company make up

Aside from the market cap what other metrics types of revenue head count stand out

Translating those major patterns into a justified window of opportunity is a critical second step

3 Funding

Are their eyes bigger than their stomach  

Unfortunately it is the Accountants who are most confident about their funding situation that tend to have difficulties down the line

It is important to secure from the buyer at least a letter of commitment and avoiding drastically wasting your time

Knowing the ability, frequency and buy-profile of potential acquirers not only conveys that an exit is your goal, but contributes substantially to shaping your business to meet that goal one day

Your acquirers are thinking about it, and so should you

And if you want to avoid getting a premium offer and valuation on your Accountancy business you won't want to  click the link here and watch a video that explains how to avoid the two costliest mistakes made when selling

Nearly 50% of sellers make at least one of the two mistakes outlined here which immediately stops them from leveraging a premium price

The 10 minute video also discusses how to spot the four most unsavoury characters that you should NEVER sell to regardless of their responses to the aforementioned questions

Best wishes

Steve Hagues

PS Discover how to avoid the two costliest mistakes made when selling Accountancy practices here

…Have you actually really thought about your perfect exit strategy?

 If so…What do you want it to be?

 Smooth Sailing…With no stress?

 And, what do you want to gain?

 A cash rich acquirer…

 …who can offer a healthy clawback provision?

 And, keep your clients happy and provided for, in the way they are accustomed too?

 I know what you are thinking…”It sounds too good to be true”!

 Well it need not be just a dream…

 It could be a reality!

 But you have to put in the effort it takes to achieve what you want…

 … So are you ready to challenge yourself to get what you want?

 If the answer to that is yes then click here to download our eBook on The Seven Steps to Selling your Accountancy Business.

 Reading our eBook can give you the fundamental knowledge that you require when it comes to achieving the exit that you want and it will only take 10 minutes of your time so click here now to start learning how to get what you want!

 After having a good think about what you want, can I take a wild stab at presuming that you replaced the word ‘want’ in your head with ‘need’?

 I need it to go smoothly… I don’t need the stress of a long drawn out process!

 And,

 I need that cash rich acquirer… How else will I survive my retirement without the funds to do so?

 Well, I’ll tell you what you want, what you really really want…

 … What you want to achieve with what you think you need, in terms of the perfect exit strategy can end up having completely different outcomes to what you envisioned and what you desire!

 By clicking here to download the eBook I will show you why needing to reel in that perfect cash rich acquirer could end up leaving you with a mediocre result on your Accountancy Business exit…

 … Because you shouldn’t trust or want to accept the first offer that comes along!

 Why?

 Because whilst you are busy assuming that they can give you what you need…

 … They are already thinking about how they are going to short change you in the long run!

 Best Wishes

 Stephen Hagues

 PS. Want some real advice on the value of your Accountancy business? Click here to speak to one of our top experts who will guide you to getting exactly what you want out of your exit strategy! 

If you are paying attention you have read or heard Accountants talk about how they have

Grown their business

Increased their profits

And gained more freedom and independence in their business and for themselves

Many of the practice owners that we speak to started at ground zero and have managed to build their firm up to a comfortable six figures looking to reach seven figures

Others are already earning seven figures and are now looking at the next level

More stability

And more freedom

So how do you make that same leap

Well when individuals move forward with their exit strategies they can stay on in an ongoing consultancy arrangement for up to 10 years

Which can mean two things

Firstly you are still going to have a recurring income to spend as and when you want to

And

Ongoing employment in semi retirement can keep you physically and mentally active whilst allowing you to enjoy precious time with yourself your hobbies and your family 

Well leaping up to that next level starts right now and all you have to do is reply YES to this email and I will send you our eBook on the 9 Key Negotiation Steps when selling your Accountancy Business

Knowing how to negotiate could be what turns your six figure Accountancy Business into an acquirers dream

Meaning you walk away with your seven figure cash prize and ultimately your freedom

It is common for people to think that acquisitions just happen but the fact is there is no such thing as an overnight success

And right now you may not fully appreciate what others have done to get to that next level

For example the sale of an Accountancy Business can take from 6 months up to two years

And let me tell you with the handover process and ongoing consultancy arrangements that length of time can be upwards of 5 or more years before you are finally home free

86% of sellers who came to us after suffering from a previous failed acquisition said that the process could have been halved had they been aware of the Five Tactics for Negotiation Success

Knowing these tactics is so important for moving the process forward in a positive and time effective way and you can have this knowledge at your fingertips so take advantage by replying YES to this email and I can show you why

Refusing to meet face to face with hot potential acquirers will leave you with an unsatisfying outcome in your negotiations

Because how can you read that all important body language if you are not willing to meet your intended

If you want your exit strategy to be successful watching out for those non verbal cues is what takes your negotiations to the next level

And the next level is that seven figure Accountancy business owner taking their new found freedom to do whatever they want to do

Best Wishes

Stephen Hagues

PS I have opened up a slot in my diary especially for you so I can share my little known secrets on how to leap up to the next level and I would love to hear from you

Reply back YES to me via email and we can take that leap together!

You have probably met people like this before

People that are so desperate for a relationship that when they finally get one, they think their new partner can do no wrong

They meet a guy or a girl, and literally worship the ground they walk on

They idolise them in every way and consider themselves lucky that they have this person

No harm in that I hear you say

But the problem is

When you consistently put someone on a pedestal you leave him or her with no choice but to look down on you

That is human nature

It may not happen straight away

It could take weeks months or even years 

But eventually they will start treating you like they are better than you are 

And you won’t be able to blame them because it is what you led them to believe

And this isn’t just exclusive to the dating world

The same applies to you and your exit strategy

Of course you want to pick the most desirable acquirer for your Accountancy Business and it should absolutely be your choice who you choose to hand over your life’s work to

And it should always be on your terms

But it is impossible to enforce those terms on an acquirer who thinks they are more desirable than you are 

Chances are they will leave you the moment a superior opportunity comes along because they believe they deserve a higher level of opportunity than that of which you placed them on

Limiting yourself to just one relationship is one of the gravest mistakes retiring proprietors make when it comes to selling their Accountancy Business and by clicking here to download our video on the 2 Most Costly Mistakes when Selling I can tell you why not having a broad base of acquirers will end up leaving you desperate for that perfect connection

Do you want to end up not knowing who your perfect match is

And risk becoming so desperate that you end up idolising any old acquirer that comes along

So that eventually

You get treated with little respect and made to bend over backwards to meet their demands

I can help Click here now to learn about the 4 main toxic acquirers who will leave you feeling desperate and bowed down under the weight of their demands on you

Whilst in terms of achieving a successful acquisition of your Accountancy Business, there is nothing wrong with wanting to meet their demands

Because a premium offer for your lucrative business is what you both want to achieve

But remember

It should always be on your terms!

Best Wishes

Stephen Hagues

PS Whilst we are on the subject do you have a healthy relationship with your Accountancy Business

Download our eBook by clicking here to discover how to get your business in a prime position to receive that ultimate cash offer

If I could get you 1.2 times your fee income would you be interested in having a quiet conversation

If so book in HERE

Book HERE now, for your quiet conversation

Wishing you continued success

Stephen Hagues

PS If you are not interested in selling but are curious about adding more fee income to your practice through acquisition to make more profits then click HERE