There are a lot of accounting industry participants who at some stage in their careers have either experienced or know a someone who has experienced, the good old dangling of the “Partnership” carrot. “You’ll be Partner... one day!”.

Gary wanted to provide consistent outstanding service in his accounting business. This meant making strategic decisions about other interests consuming his time and energy.

When selling your accounting business, you really have only one job to do... get your clients to simply keep doing what they've always done, trust you!

In 2022 Michael’s firm celebrated its 5th anniversary and he had begun looking at the structure and direction of the business. Eager for more of a work/life balance, he had already relocated the family home to the north coast, but his office was still based in inner city Sydney.

Far too often we encounter firms that are growing via acquisition that haven't put enough thought into the operational impact that bringing on a new client base can have to the business.

Whilst the items to consider in this issue are tailored more towards Sole Practitioners, which in Australia represent the majority of the tax accounting industry, I’m hoping they will give all owners of accounting businesses contemplating future exits something to think about when preparing themselves for sale.

More than 50% of the accounting firms in Australia currently have a principal or partners who are over the age of 50. And there are a reasonable number of firms with multiple partners in their 50’s or 60’s.

Like many busy accounting practitioners, they were consumed with the day to day grind and the ‘noise’ associated with running a client focused practice. There was not a lot of time to work on their own business needs.