Welcome to this week's Market Update where we are delighted to introduce a great new practice that we are listing for sale:
2 Partner firm, Perth $835,000 in fees (ID#271)
Good quality Perth practices don't come on the open market very often and we are confident there will be strong levels of interest. If this looks like a good fit, don't delay in registering your interest via the website listing.
Another three clients signed their contracts of sale over the last two weeks:
1 Principal firm, Sydney $860,000 in fees (ID#129)
1 Principal firm, Melbourne - Inner North $560,000 in fees (ID#243)
1 Principal firm, Melbourne Inner North fees of $1.040,000 in Accounting and $200,000 FP (ID#218)
As we said a few weeks ago, we can’t remember a time like the last three months for clients achieving such positive progress in their practice sales. Interestingly for the first two practices, while they were in different cities, they followed a near identical path to success: listing on the same day (27 April); receiving interest from 81 and 82 buyers respectively; and both executing contracts of sale in less than three months. We put this down to a combination of factors including our growing networks of buyers, a well run process, and committed sellers and switched on buyers moving quickly and commercially to secure a win-win deal.
The recent run of client successes means that our current number of listings are lower than usual. However, if you are buyer, you will be reassured to hear that we already have another eight practices signed up with us for sale that we are currently getting ready to take to market. These include accounting, bookkeeping and specialist audit practices across Victoria, New South Wales and Queensland. Stay tuned!
Next week I (Mark) am in Sydney meeting with clients, buyers and attending the CPA Public Practice Forum New South Wales. Looking forward to a great few days talking with practice owners about what's on their mind and sharing our insights on how we are seeing the market. If anyone would like to meet for a coffee to discuss their own situation I still have time free. Send me a message at email@example.com
See you out there!
Mark and Daniel