Retiring Accountant - Blog Archives

Accountants: I Wanted You to See This! 

You have a massive opportunity here… The biggest opportunity that your Accountancy business has had for some time. 

The economy is contracting and although there are some people out there that say this is a terrible thing…

It doesn’t have to be! 

Think of the recession as a sharp curve on an auto racetrack. It is the best place to pass competitors however requires more skill to manoeuvre than the straights.

The best drivers apply the brakes just ahead of the curve (taking out excess costs), turn hard toward the apex of the curve (identify the short list of projects that will form the next business model), and accelerate hard out of the curve (spend and hire before markets have rebounded). 

So what specifically distinguishes eventual winners? 

Well you know the saying… ‘Offense is the best defence’, and the strongest Accountancy businesses coming out of the last recession went on the offense early, while many others just focussed on survival. 

And one of the smartest ways to mount your attack on the looming recession right now is through acquisition! 

Because planning those investments now helps to avoid paying a higher cost of capital later.

But, don’t forget this is a tenuous time and you cannot afford to go through it making mistakes. Download our eBook here to arm yourself with the 5 Fatal Errors that acquirers make when buying Accountancy businesses.

Otherwise the recession could take away - not just your future plans – but what you have in place already!  

So if you want to use acquisition to secure Accountancy businesses that add capabilities to do old things in new ways there here are 3 ways I can help:

Download our FREE eBook which can show you the 7 things to determine the profit uplift potential so you get a great return on your investment by clicking here. 

Speak to one of our highly trained consultants who can talk you through how the last recession presented opportunities using mergers and acquisitions to reshape the portfolio of Accountancy businesses by clicking here!

And if you are ready to play your offense instead of just simply hunkering down then reply back to my email with the word ‘Offense’ and I will see if I can help! 

Best wishes, 

Steve Hagues

PS. Avoid the bunker mentality. We know that well-executed acquisitions—buying the right Accountancy business at the right price and integrating successfully—can create tremendous value. Start off the right way by downloading our eBook here now! 

Accountants: We Are Here to Help! 

I just wanted to take the time to write a personal note to all Accountancy business owners. 

Even in the unlikely event we reduce  the spreading of COVID-19, adversely it will mean a worse and more deeply structural recession. China finds itself having quelled the spread but with the virus still present, a return to pre-virus normality in terms of socialising is impossible. That said, when faced with losing loved ones, a recession is obviously a far preferable choice.

On the positive side, vaccines are already being sped through clinical trials however, this will take some time. The truth is we are far more likely to have a treatment before we have a vaccine.  US based firm, Gilead services is having success with its clinical trials of a drug called Remdisivir. Remdisivir is a potent anti-viral developed to treat Ebola and it also has already proved effective with two other corona viruses (MERS and SARS).

Accountancy business owners are a resilient bunch and I am consistently impressed by the compassion and support shown within our community. Let us not catastrophise, but instead focus on positively supporting each other. If I can help in any way then please just let me know.

These are challenging times that no-one could have predicted. It is inevitable that we will all feel the impact of this and therefore we must look out for each other, our families and our staff.

If you are of mature years then it is absolutely essential that  you adopt social distancing and avoid groups at all costs.

If you require assistance please just reply back to me.

Best Wishes, 

Steve Hagues

Counting Down On Your Accountancy Clock! 

Time is our most precious resource and one of the most valuable assets at your disposal.

Regardless of how much money you have, you can never buy more time.

Unfortunately, many people spend 40+ hours a week for 60+ years, trading their time for this thing we call money.

It's my opinion that everyone should pursue the opportunity to retire as early as possible.

And having the financial security to choose what you do with your time is one of the greatest gifts you can give to yourself, your loved ones, and the causes you're passionate about.

Here are 3 things to think about: 

1. You cannot earn back time.

One of the most common regrets of the dying is that they worked so hard and for so long.

They missed their children's and grandchildren's youth as well as their partner's companionship.

You can always find a way to earn back money you spend or lose, but you can't go back in time and experience the moments you missed.

Retiring early means you'll have more opportunities to be with your family.

Further, it's a fact of life that some things become more difficult as we age.

When you are in the latter stages of your life, you may not be able to do all the things that you put on your bucket list in your youth and you may not have enough time left to do all of them now.  

2. It is really hard to run out of money if you plan things right.

Over half of the Accountants we speak to, say their biggest fear is running out of money in retirement. 

However, if you sell your Accountancy business for a premium price, then this is unlikely to be an issue.  

By avoiding the two costliest mistakes outlined here that 50% of sellers fall into, you can be sure that you will have enough money to retire.

Especially when you have the opportunity to create a bespoke deal where you work part-time for a few years after your company has been sold!

It's a win win situation. More time, more money!

3. You can (still) work on the things you love. 

A lot of Accountancy business owners love their work, so by staying on after the sale of their business they can just spend time doing what they enjoy at work!  

Alternatively, early retirement offers the opportunity to pursue other endeavours you love.   

Whether they're profitable or not is no longer the point once you have the financial security to support your lifestyle.  

You can get around to writing that book you didn't have time for when you were working 40 hours a week.   

You can fix up run-down houses and rent them out or sell them for a profit.    

The opportunities open to you are endless! 

Not only does working on things you love provide the potential for monetary rewards, but it could help you live longer.  

So don’t waste time!

Whether "early" for you means 63 or 40, the point is to make more time for yourself and your loved ones while you can.   

So if you don’t want to fall into the work trap and you want to consider where your time is best spent then here are 3 ways I can help: 

Watch this short free video to start thinking about the process and preparing your company to receive a premium offer by clicking here. 

Speak to one of our highly trained consultants, who can give you a no obligation valuation of your Accountancy business by clicking here. 

And if you no longer want to waste your most precious asset then reply back to this email with the word 'Time' and I will see if I can help. 

Best wishes,     

Steve Hagues 

PS. Invest just 10-minutes into watching our highly recommended video now by clicking here to save yourself thousands when selling your Accountancy Business.