For many practice owners, there will come a time when will need to seriously consider selling their practice. Whether this is for personal reasons or forced on them by market conditions, they will need to approach the process with caution and take control. It’s your money! It’s also your retirement plan! These days, selling a business is harder than ever and the main reason is competition. Take control of the process and ensure that your business is being sold to the “best” and most qualified buyer. That’s why we have put together a team of professionals under the banner of Black Ink in order to deliver a professional service – the first of its kind for the bookkeeping professional in Australia and New Zealand.
You may not have considered a sale of your practice – it is not common in the profession because, let’s face it many bookkeeping practices have not built their business/practice to sell. Eventually, all practice owners will sell. The key questions are when, how, and who chooses the time?
As a practitioner you know your key practice areas; as a potential vendor you also need to step in the shoes of the buyer. The key message is to make your practice saleable.
You need to:
1. Build a practice which has a work flow that supports a transition into a new firm
2. Have a clear market offer
3. Have a reliable (in terms of longevity) client base
4. Have a reliable and talented group of staff/contractors which become assets for the practice rather than a cost; and
5. Have a profitable practice with a proven history of financial results