Succession Planning
Supply & Demand – The Basics Driving Practice Pricing
So we all know and appreciate the basics of supply and demand. This has been a principle that has been influential upon the transactional market, of particularly accounting firms, for many years now. Essentially, the availability of accounting practices for sale in the open marketplace in many core areas throughout Australia has been limited for…
Read MoreWe 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. These being: 1. The staff have not expressed any interest in becoming equity holders in this firm 2.…
Read MoreWhat do Current Vendors look like?
What do Current Vendors look like? If research is correct, we are going to experience around 52% of current practitioners, principals, partners, directors, practice owners retiring in the next five years. Furthermore, this number has seemingly increased by over 10% in a year. Such results probably aren’t overly surprising; we have been waiting for this…
Read MoreThe 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…
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 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…
Read MoreIs 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…
Read MoreBeing 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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