Is Working with Family Really Such a Great Idea
Is Working with Family Really Such a Great Idea Such a thought is quite interesting when considered in the context of various types of businesses. Often it is the desire of the senior family members to pass on their business, or the baton so to speak, to their children or even their grandchildren. When speaking…
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The Five C’s of Succession Planning
The Five C’s of Succession Planning I recently read an article written by Ed Friedman from ‘Dynasty Financial Partners’, based in New York, which was published online. The article itself was targeted towards financial planning / financial advisory firms, but is just as relevant to accounting and legal firms considering succession. It essentially references the…
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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…
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Not 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…
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Mistakes 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…
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Acquiring 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…
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Timing 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…
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Key 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…
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Identifying 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…
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