Welcome to this week's Market Update. We are delighted to bring another new practice to market for sale, this time in Melbourne's Outer South-East:
Melbourne Outer South-East - Accounting Practice $617,000 Fees (ID#276)
This is an established practice with stable fees. The Vendor is in their fifties and transitioning to retirement but is open to remaining with the purchaser on a flexible, part-time basis for up to 2-3 years. If it looks like a good fit register your interest directly via the website listing.
And a reminder as to the new practice we listed last week in Regional New South Wales:
NSW Central Tablelands - Accounting Practice $400,000 Fees (ID#290)
This week we take a quick look at a question that regularly pops up during the sale process: Where is the best place to meet [for sellers and buyers]?. Here are our recommendations:
For the first meeting, keep it informal and out of the office. A local coffee spot usually works best. Choose one that is not too noisy and spacious enough for a discrete conversation.
For the second and subsequent meetings.
- If you are seller where your practice is likely to relocate, then meeting at the buyer's office makes perfect sense. It's a private environment for more detailed and commercial conversations (with your broker in attendance to facilitate and guide) plus it allows you to see the same first impression that your clients will experience. It also gives you a great feel for the culture of the buyer (provided you are not just shepherded straight in and out of the boardroom!).
- If you are a seller looking to retain your current location, then a meeting at your office makes more sense. It gives you the opportunity to showcase your office environment to the buyer and allow them to get a feel for your culture. Privacy is important though and most practice owners selling will be sensitive to a series of buyers coming to their office and potentially alerting staff to an impending sale. To counter this, we recommend sellers host buyers at their office out of hours either first thing in the morning or early evening.
Last week we tackled the BIG question of: When is the right time to sell? Thank you to those who took the time to email us your feedback. It's clearly a topic that provokes a range of responses. For anyone who missed it, you can read it here: When is the right time to sell?
Meanwhile clients continue to make good progress on deals including this Melbourne client who executed their contract of sale recently: Melbourne South East - Accounting Practice $1,163,000 in fees (ID#257)
On a final note, I (Mark) will be in Sydney next week visiting several clients and other practice owners, I still have some available time so if you would like to meet up for a coffee and informal conversation about your situation, reach out to me below. Daniel will also be in Adelaide the week after, so reach out to him if you want to meet up.
See you out there!
Mark and Daniel
mark@dmyassoc.com.au daniel@dmyassoc.com.au
Helping sellers of accounting and bookkeeping practices achieve their best life.
