SOLD
Accounting Practice - Melbourne Bayside

This longstanding accounting practice, located in Melbourne’s Bayside area just 15kms from the CBD, offered an exceptional opportunity for new leadership. With fees circa $800K and over 30 years of service to the community, this firm specialised in accounting, tax, business development, SMSF bookkeeping, superannuation, and audit services. Limited licences also enabled the provision of SMSF advice, with ongoing growth anticipated in this area.

Key Highlights:

Client Base:

• 700 tax lodgements in FY 2019, generating an average fee of $1K per lodgement.
• Clients include trading companies, property investors, and super funds, with many long-standing relationships.
• Top 20 client groups contributed 27% of fees, with the largest client generating $25K annually.
• Three-quarters of clients are Melbourne-based, with 75% of key contacts aged 60 or younger.

Revenue Breakdown:

• 30% of revenue from 104 super funds.
• 25% of fees from 84 companies.
• 22% of income from 425 individual returns.
• 13% of revenue from 78 trusts.

Growth Opportunities:

• Strong potential for SMSF growth within the client base.
• Opportunities to expand business development services.

Operations & Transition:

• Vendor available to assist with a six-month transition period if required.
• Current lease expires at the end of 2020, with a preference for short-term retention of premises to ensure smooth operations.

This well-established practice represented an excellent acquisition opportunity for an experienced buyer seeking a stable client base with opportunities for growth in Melbourne’s Bayside region.