Posts by Michelle Knights
Thinking Outside the Box in Terms of Staff Retention
Thinking Outside the Box in Terms of Staff Retention Society and the media now seemingly tells us that one career for life is no longer the norm, or perhaps, even likely. We need to accept that some or maybe many of our employees, and perhaps even our partners, will be with us for a short…
Read MoreNot All Publicity is Good Publicity
Not All Publicity is Good Publicity Positive publicity about a firm or its representatives can be a wonderful and genuinely beneficial thing. Conversely, negative publicity can be quite damaging and limiting to a professional firm in terms for new referrals, growth opportunities, staff attraction and retention as well as so many other ways. The difficulty…
Read MorePractice Protection
Practice Protection We’ve all heard at least one tragic story that has melted our hearts; the incredibly fit accountant and athlete who had a heart attack unexpectedly. As our baby boomer generation continue to brush aside retirement, we must be realistic about the likelihood of more practitioners owning and working in their firms when the…
Read MoreMistakes Made with Contractual Agreements
Mistakes Made with Contractual Agreements Most of our colleagues and clients will recall our usual disclaimer ‘we are not solicitors and therefore not providing legal advice’. On that note, the following comments are in keeping with this qualification; we are not providing legal advice. Over recent months we have received a number of enquiries regarding…
Read MoreAcquiring Free Revenue has its Drawbacks
Acquiring Free Revenue has its Drawbacks I’ve now spoken with a few firms who have made acquisitions of fee bases below $1 Mill where several clients have multiple years’ lodgements outstanding. Initially this is perceived as a real win or bargain. Often the deal goes something like this. The purchaser pays a reasonably competitive market…
Read MoreTiming Your Exit to Maximise Your Sale Price
Timing Your Exit to Maximise Your Sale Price We recently completed a round of Boardroom Briefings where one of the sessions was on how to maximise the sale price of your practice. We felt this was a useful topic because we see so many vendors that could have achieved a better price than they did…
Read MoreKey Legal Documentation to have in Place as a Practitioner
Let me give you a scenario. Imagine this, you are a sole practitioner or a practitioner in partnership with others. The size of the firm or number of equity holders doesn’t really matter. You leave the office on a Friday night without a care in the world; life is good. By Sunday night you are…
Read MoreIdentifying Your Post Practice Identity
In the past week or so, many of us would have seen or read about the latest downfall of the great Grant Hackett. At his peak, he was idolised by Australia at large, he was one of our greatest swimmers and to some, almost a God. But for some time now we have watched his…
Read MoreThe Importance of Keeping the Vendor as an Advocate
The Importance of Keeping the Vendor as an Advocate The success or failure of any practice transaction significantly hinges on the ability to transfer client relationships from the vendor to the purchaser. After all, this is essentially what is being transferred, the right to revenue generated from the continued servicing of a group of clients.…
Read MoreWe Need to Find a Way Past Generational Expectations to Aid Succession
We Need to Find a Way Past Generational Expectations to Aid Succession For almost as long as I can remember now, many professional firms throughout Australia, and probably the world, have utilised two primary reasons why their firms have no internal options for succession. 1. The staff have not expressed any interest in becoming equity…
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