Welcome to this week's Market Update. It has been a hectic month (no change there!) for many practice owners with 15 May deadlines to contend with. We hope people are now seeing light at the end of the tunnel.
This week we are releasing new Market Data for the first time relating to who is selling, what they are selling, and why. At one level readers will not be surprised by these findings. The majority of practice owners who are selling are male, over sixty and looking to retire. However, a closer inspection reveals there are some interesting nuances to this. We are seeing practice owners looking to sell much earlier in their careers and for reasons other than health. Female owners looking to sell are increasing in numbers too, although we are yet to see this translate at the same level through to female buyers. Understanding these nuances, and recognising there is not one size fits all is important to succeed in todays competitive market for practice sales.
You can access the data and the insights on our website here: DMY Market Data - All About the Seller.
One interesting insight that we are keen to get our community's view on is the small number of female buyers with just one in twenty (5%) revealed from the data. To encourage feedback we are going to give a $250 wine or spa voucher for the most insightful response at our sole discretion that we receive by 30 May. Send us your thoughts at contact@dmyassoc.com.au (* Refer Terms and Conditions below.)
Meanwhile we are delighted for one of our clients, a 1 Principal firm, Brisbane South East $1,055,000 in fees (ID#231) , who settled the sale of their practice this week. We are looking forward to celebrating a terrific outcome with them. We've said it before but seeing a clients life's work successfully passed across to a great new home is hugely satisfying for us and why we do what we do.
Given how busy it has been over the last few weeks, here are a couple of reminders
- Our latest Market Data on Selling Prices and Buyer Activity was released earlier this month. Details are here: DMY Market Data - April 2023
- We listed three new practices earlier in May. All are starting to get traction with buyers so register your interest if any of them look like a good fit. Details below under Just Listed.
On a final note, if you would like to see your practice sold by the end of the year, now is the right time to be starting the process. We have had three such practices across Victoria, New South Wales and Queensland sign up with us this month already, with more in the pipeline. Mobilising now will lead to a listing in July with "clean" FY23 numbers and a healthy runway to find the right buyer and wrap up a sale by Christmas. Reach out if you want to find out more.
See you out there!
Mark and Daniel
mark@dmyassoc.com.au daniel@dmyassoc.com.au
* Terms and Conditions for $250 Wine/Spa Voucher giveaway. One voucher (winner to choose) will be given to the person who provides the most insightful response at out sole discretion. Submissions must be received by 5pm on 30 May 2023 and emailed to contact@dmyassoc.com.au to qualify. By sending a response you provide consent to your submission being published or otherwise utlised by DMY (on a de-identified basis) without constraint. Winner will be notified by 1 June 2023.
