The 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.…
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We 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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Outsourcing & Lower Graduate Intakes May Hit Your Future Staffing Structure Hard
Outsourcing & Lower Graduate Intakes May Hit Your Future Staffing Structure Hard There are a couple of different factors in play when we think about outsourcing. The reduced number of graduates being employed, the impact or potential impact of SBR on the profession, as well as the general commoditisation of compliance services and the impact…
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Buying & Operating Secondary Offices has Some Challenges
Buying & Operating Secondary Offices has Some Challenges As more and more practices seek to achieve growth through acquisition, an increasing number seem to be considering the purchase of secondary offices located, at times, in significantly different geographic areas that vary from their original location. This can be in a completely different area or even…
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If Only I Could ….
If Only I Could …. Throughout each year we meet with numerous practitioners who are weighing up whether now is the right time to depart their practice. For many that means an external practice sale. This is often a combination of evaluating likely price and proposed activities post sale, versus what could or would be…
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Is there a Great Divide in Your Firm’s Culture?
Is there a Great Divide in Your Firm’s Culture? In December last year I attended a conference in San Diego on succession planning. The week long program was most interesting and beneficial, again reinforcing the significant need for this type of planning and preparation. This will be a further area of development in our firm…
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Highlights from our Latest Charge Rates, Salaries & Benchmarking Survey
Highlights from our Latest Charge Rates, Salaries & Benchmarking Survey The latest edition of the survey was released early last month and remains open to both participating and non-participating firms until May. Part B, a detailed analysis of the top 19 expenses incurred by firms after staff salaries, will be released at the end of…
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Being Grounded In Your Succession
Being Grounded In Your Succession Last December I flew to San Deigo to renew my qualifications as a Certified Exit Planning Advisor or CEPA. As part of the preparation for the course, I had a couple of specialist books to read, one of which quoted the poem by Michael Josephson called ‘What Will Matter’. The…
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Securing a Successful Transaction is so much more than Simply Finding a Buyer
Securing a Successful Transaction is so much more than Simply Finding a Buyer With most practice transactions taking place off market and without the services of a practice broker, we are bound to find some parties who felt the transaction was a success, whilst others will no doubt have wished the outcome was better. The…
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