Posts by Michelle Knights
The Continuing Disconnect Between Advisers & Clients in Terms of Reasonable Fees
The Continuing Disconnect Between Advisers & Clients in Terms of Reasonable Fees I recall around the time of the implementation of FoFA, data was published highlighting the results of a survey which suggested the general public expected the preparation of a financial plan to cost around $300 whilst practitioners felt $3,000 was a more appropriate…
Read MoreIs it Necessary to Use a Broker to Sell your Practice?
Is it Necessary to Use a Broker to Sell your Practice? An easy question to answer…..absolutely not! In fact, my gut feel is that the majority of professionals do not utilise a broker when it comes to selling their firms. Why? Probably for a couple of reasons; one being the associated cost, and two being…
Read MoreAre Valuations Really Beneficial or Necessary at the Time of Equity Exchange?
Are Valuations Really Beneficial or Necessary at the Time of Equity Exchange? If I had a dollar for every time I was asked what an accounting, financial planning or legal firm was worth, I would be a very wealthy woman. Of course, my reply is generally, “how long’s a piece of string” or “that depends…
Read MoreReal Succession Planning Includes Planning for a Loss of Skill & Expertise
Real Succession Planning Includes Planning for a Loss of Skill & Expertise As will generally be recognised and often read when considering the topic of succession planning, successful succession planning includes a timeframe of at least a couple of years. Having this time enables indepth consideration, review and preparation, all of which is often overlooked…
Read MoreIs Your Firm as Efficient and Productive as it Could Be
Is Your Firm as Efficient and Productive as it Could Be In September we released our latest efficiency and productivity benchmarks based on the 2016 FY. I thought it may be helpful to revisit some of the traditional targets firms have historically utilised and comment on some more recent trends within this space. So, two…
Read MoreExtra Succession Planning for Audit Services
Extra Succession Planning for Audit Services As most within the accounting profession will acknowledge as a concern, the number of registered company auditors (RCAs) are dwindling. While I appreciate that not all non-SMSF audits require the RCA status, we tend to find those who perform these type of audits have had a long standing involvement…
Read MoreChallenges Facing Practitioners on Salary Reviews
Challenges Facing Practitioners on Salary Reviews Managing personnel would have to be one of the most significant challenges for all practitioners. Today’s world is about employee satisfaction and engagement. There is the constant challenge of hiring, retaining and rewarding personnel. Questions arise around just who are the right type of employees to target for your…
Read MoreThe Art of Due Diligence
The Art of Due Diligence Due diligence, or DD as it is often referred, is an integral part of the practice sale or transaction process. For whatever reason, vendors tend to get a little tetchy around due diligence time, concerned about what the purchaser will want to review and what information they need to make…
Read MoreHow Do You Protect Against the Unexpected?
How Do You Protect Against the Unexpected? In professional services industries, our livelihood is essentially linked to the continuity of revenue generated by the provision of services to our clients. Depending on the particular service, our interaction with our clients may be a one-off in nature or it may be more repetitious. Whether we like…
Read MoreFixed Fees, a Trap for Some Practices
Fixed Fees, a Trap for Some Practices The profession, for some time now, has been espousing the benefits of fixed fees. Firms across the country have implemented their use to varying degrees, with some taking an ‘across the board’ approach to implementation. Others remain dedicated to predominately time based charges limiting the use of fixed…
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