Five Key Questions to Ask A Business Broker When Selling Your Practice.

Welcome to this week's Market Update.

Now is the time of year when we start to see an increase in enquiries from practice owners looking to sell with their goal to have a sale wrapped up by Christmas. Selling your practice is a big decision and engaging the right expert to support you will increase your likelihood of a successful sale.

To help practice owners, we have identified five key questions that you should ask your business broker before you engage them. We regularly get asked these questions and we feel it is always better to have an open and transparent conversation with prospective clients before we are engaged so that there are no surprises or regrets down the track. They are:

1. Do You Only Represent Sellers?
2. How Do You Find Buyers?
3. How Do You Value My Practice?
4. What Is Included In Your Service?
5. What about your Fees and Terms?

There are some important considerations for practice owners depending on the response you get and we have detailed these in our latest Blog post which can be found on our website: Five Key Questions to Ask Your Business Broker

If you are thinking of selling and don't understand the difference between an Introducer, a Passive Broker and a Trusted Business Advisor, this is a valuable read. Getting your broker to answer these five key questions will help ensure you receive the right level of service and support, value for money and advice that is truly independent and free from any conflicts of interest.

Meanwhile, May continues to be an excellent month of progress for our clients:

• A 1 Principal firm, Melbourne Eastern Suburbs $466,000 in fees (ID#223) successfully executed a Heads of Agreement with a preferred party. This sale campaign attracted interest from over one hundred interested parties which does not surprise us given its size and location.

• A 1 Principal Audit firm, Brisbane Qld $400,000 in fees (ID#153) successfully executed a Contract of Sale with the buyer and will be settling shortly.

As a reminder we released some new Market Data last week detailing the profile of Practice Owners who are selling. Details are here: Who is Selling Their Practice

Thank you to all those who sent through their feedback on why there are such a small number of female buyers with just one in twenty (5%) revealed from the data. We are giving away a $250 wine or spa voucher for the most insightful response that we receive by 30 May. If you have a view, send us your thoughts to contact@dmyassoc.com.au (* Refer Terms and Conditions below.) 

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.

New South Wales

1 Principal firm, Sydney $860,000 in fees (ID#129)

Queensland

1 Principal firm, Regional Queensland $930,000 in fees (ID#236)

1 Principal firm, Townsville Qld $275,000 in fees (ID#213)

2 Partner firm, Brisbane Inner Suburbs $2,800,000 in fees (ID#195)

South Australia

2 Partner firm, Kangaroo Island SA $410,000 in fees (ID#179)

Victoria

1 Principal firm, Melbourne - Inner North $560,000 in fees (ID#243)

1 Principal firm. Melbourne $372,000 in fees (#259)

1 Principal firm, Melbourne Inner North fees of $1.040,000 in Accounting and $200,000 FP (ID#218)

1 Principal firm, Regional Victorian City $1,350,000 in fees (ID#192)

2 Partner firm, Melbourne Eastern Suburbs $1,000,000 in fees (ID#205)

Three Partner firm, Gippsland Victoria $1,850,000 in fees (ID#208)

1 Principal firm, Regional Gippsland Victoria $850,000 in fees (ID#110)

1 Principal firm,  Melbourne Eastern Suburbs $466,000 in fees (ID#223)

1 Principal firm, Brisbane South $675,000 in fees (ID#217)

1 Principal firm, Mornington Peninsula $1,000,000 in fees (ID#98)

1 Principal Audit firm, Brisbane Qld 540,000 in fees (ID#227)

2 Partner firm, Melbourne South $1,200,000 in fees (ID#226)

1 Principal firm, Melbourne Inner South East $630,000 in fees (ID#57)

1 Principal firm,  Regional Gippsland Victoria $1,300,000 in fees (ID#162)

New South Wales

1 Principal firm,  Western Sydney  $750,000 in fees (ID#152) - sold 12/22

2 Partner firm, Sydney CBD ~$950,000 in fees (#SM424) - sold 07/21

2 Partner firm, Regional NSW & Sydney ~$2M in fees (#SM408) - sold 04/21

Bookkeeping practice, Sydney ~$$450,000 in fees (#SM428) - sold 04/21

Sydney South accounting practice ~$398,000 in fees (#SM411) - sold 05/20

ACT

1 Principal firm, ACT ~$870,000 in fees (ID#112)  - sold 10/21

Queensland

1 Principal Audit firm, Brisbane Qld $400,000 in fees (ID#153) - sold 05/23

1 Principal firm, Brisbane South East $1,055,000 in fees (ID#231) - sold 04/23

1 Principal firm, Brisbane South $204,000 in fees (ID#216) - sold 11/22

1 Principal firm, Gold Coast Qld $530,000 in fees (ID#202) - sold 11/22

1 Principal firm, Brisbane North $1,600,000 in fees (ID#190) - sold 09/22

1 Principal firm, Brisbane South $714,000 in fees (ID#188) - sold 08/22

1 Principal firm, Brisbane North West $263,000 in fees (ID#175) - sold 07/22

1 Principal firm, Queensland Northern Gold Coast ~$730,000 in fees (ID#125) - sold 04/22

1 Principal firm, Gold Coast - Qld ~$900,000 in fees (ID#86) - sold 02/22

1 Principal firm, Queensland North of Sunshine Coast ~$540,000 in fees (ID#126) - sold 12/21

1 Principal firm, Brisbane North ~$1,200,000 in fees (SM407) - sold 08/21

Brisbane accounting practice ~$1,448,000 in fees (SM409) - sold 09/20

Brisbane accounting practice ~$2,133,000 in fees (#SM410) - sold 07/20

South Australia

1 Principal firm, Port Adelaide, SA $425,000 in fees (ID#84) - sold 06/22

1 Principal firm, ~$515,000 in fees (#SM405) - sold 05/21

Victoria

1 Principal firm, Melbourne Inner Suburbs $430,000 in fees (ID#200) - sold 03/23

1 Principal firm. Melbourne East Fees of $448,000 Accounting and $294,000 (ID#209) - sold 02/23

1 Principal firm,  Regional North Victoria  $1,132,000 in fees (ID#199 - sold 01/23

1 Principal firm, South Melbourne $620,000 in fees (ID#204) - sold 11/22

2 Partner firm, Melbourne Inner Suburb $1,500,000 in fees (ID#168) - sold 09/22

1 Principal firm, Regional North East Victoria Fees of $433,000 in Accounting and $62,000 Financial Planning (ID#151) - sold 08/22

1 Principal firm, Melbourne West  ~$700,000 in fees (ID#122) - sold 05/22

1 Principal firm, Melbourne North  ~$300,000 in fees (ID#127) - sold 03/22

1 Principal firm, SE Gippsland ~$430,000 in fees (#SM401) - sold 01/22

1 Principal firm, Melbourne Inner South East ~$555,000 in fees (ID#123) - sold 12/21

1 Principal firm, Melbourne South East ~$1,360,000 in fees (ID#116) - sold 11/21

1 Principal firm, Regional NE Victoria ~$1,000,000 in fees (#SM427) - sold 11/21

1 Principal firm, Geelong region ~$495,000 in fees (ID#117) - sold 10/21

1 Partner firm, Melbourne CBD ~$1,250,000 in fees (ID#96) - sold 09/21

 1 Principal firm, Melbourne South East ~$540,000 in fees (ID#105) - sold 06/21

1 Principal firm, Melbourne Inner North ~$360,000 in fees (ID#413) - sold 06/21

1 Principal FP firm, Mornington (#SM403) - sold 07/20

Melbourne/National bookkeeping practice ~$1,100,000 in fees (#SM404) - sold 06/20

1 Principal firm, Melbourne Inner North ~$800,000 (#SM417) - sold 12/20 

1 Principal firm, Melbourne SE Suburbs ~$636,000 in fees (#SM402) sold 12/20

Email: contact@dmyassoc.com.au
Phone: 03 9448 2308
Web: dmyassoc.com.au

Sydney: 903/50 Clarence St, Sydney NSW 2000 
Melbourne: Level 8, 805/220 Collins St, Melbourne VIC 3000 
Brisbane: 9/204 Alice St, Brisbane QLD 4000
Adelaide: 3/55 Gawler Place, Adelaide SA 5000

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