Use our expertise and contacts to set you on the path to success
At Rob Knights Practice Broking, our personalised and proactive practice broking service is much more than simply an introductory service. We offer an uncompromising, holistic approach that incorporates all elements of the process including advertising, sourcing, identification, promotion, evaluation, qualification and negotiation of the sale on behalf of our clients.
If you are on a path towards selling your practice yourself, we can also assist you by either advising or performing some of the more tricky and time consuming elements of the process.
Please take some time to review the services below and don’t hesitate to contact us for a confidential chat on (02) 9233 4333. We are here to help.
The Decision – Will I or won’t I?
The decision to sell your practice is an emotional process, because in many scenarios, you are parting ways with your life’s work.
There are a minefield of things to consider before you list your practice for sale, not the least being ‘what is happening within the current market place and is now the right time to sell‘?
These are QUESTIONS that we can ANSWER.
Let us advise you through this process. Armed with up-to-date, industry knowledge will enable you to make considered decisions, understand the impact on your firm and the likely outcome of a sale. Set realistic expectations from the beginning so you won’t be disappointed.
Consultation rates are $500 per hour + GST.
Collating Data – Information Memorandum Template
An Information Memorandum Template outlines the typical information that you, as the Vendor, supplies to the purchaser during the sales process. This is a key document that highlights the most relevant information in a sequential, logical way that will enable a prospective purchaser to initially appraise this opportunity.
Cost effective at only $165.00 please click here to learn more and purchase a template.
Setting Your Pricing
Getting the asking price wrong can be a critical error as it can result in you either short changing yourself or, after all that time and effort, leaving you disappointed and frustrated with an unsatisfactory outcome. This is why it is essential to properly plan and prepare prior to setting a price and going to market.
We can help you in a number of ways:
1. Consultation
A personal consultation with Michelle Knights to review the key areas of your practice that are instrumental in setting a sale price like profitability, charge rates and WIP & debtors. Other areas for consideration include market comparisons, location and other industry influences.
Michelle can personally meet with you, or of equal value, a teleconference can be organised, to set you on the right path from the outset.
Consultation rates commence at $500 per hour + GST.
2. Practice sales appraisal
A practice appraisal is typically completed by a broker to give a vendor a realistic indication of the likely price their practice will sell for on the open market.
It is considered one of the first steps in the process of planning your practice for sale. For a comprehensive explanation on Practice Appraisals please click here.
Promotion – Independent Practice Sales
As a master salesman will say ‘it’s very hard to sell something that no-one knows about’. Selling a Practice is all about being seen.
You may have all your ducks lined up but if you are not promoting your practice in the right place then you can’t attract the right purchaser.
We have developed a section on our website exclusively for practitioners who wish to sell their practice without using a Broker. It is simple and cost effective, the process couldn’t be easier. Please click here to learn more about Independent Practice Sales.
Enquiry Management and Prospects – weeding out the pack
Don’t have time to meet with everyone? Let us help you ‘cut to the chase’ and identify and qualify genuine purchasers from the time wasters and tyre kickers.
Mismanaging enquiries and real prospects in this area will cost you valuable time and energy. You don’t want to meet with more than a handful of prospects with cultural fit being top of mind.
Consultation rates commence at $500 per hour + GST.
Independent Advisor & Negotiator
Seeking good and relevant advice from a competent and independent expert in practice sales is smart. How early in the process you involve an advisor will depend on you, your knowledge and skill level in the transaction process.
As experts in the field of practice transactions, we will use our experience, negotiation skills and market knowledge to guide you through the process ensuring you have considered the key options on the transaction table.
As advisors, we are here to help you reach your goal, match you to the right buyer and ensure a smooth transition.
Consultation rates commence at $500 per hour + GST.
Terms & Conditions
Contract terms and conditions have an important role to play as they set out the rights, roles and responsibilities of the parties. It is crucial to get the terms and conditions right from the outset to protect yourself from risk of uncertainty or misunderstanding.
Quite often this is the most stressful part of the transaction where deals can be won or lost. Impractical and unfair terms will only lead to failure as will overly onerous terms & conditions.
We can provide guidance on the drafting of clear, practical and realistic terms and conditions that will reduce the likelihood of your sale stalling due to the contentious nature of the terms. Don’t leave this to chance, if things aren’t clear you leave yourself open to risk which can end up costing you time and a lot of money. However, it is important to note that we are not lawyers and are therefore unable to provide legal advice.
Consultation rates commence at $500 per hour + GST.
Due Diligence
The due diligence process is critical to the success of any proposed transaction. The process reveals significant confidential information that will enable the purchaser to investigate and confirm key data provided to enable the purchaser to have confidence in their acquisition.
As a vendor, all details pertaining to the practice must be made available. It is desirable to obtain a list of data to be reviewed in advance of commencement of due diligence.
The terms of the deal will dictate the level of due diligence the buyer should undertake. Check out our proposed list of what a purchaser may review whilst conducting due diligence.
Settlement – Post transaction success
In every successful sale of a professional accounting practice, a good transition is essential. In order for this to take place, the vendor and purchaser must work together.
Not only is this crucial for the ongoing longevity of the practice but if you have agreed to a potential clawback of 10, 20 or 30 percent of the overall purchase price then a bad transition is likely to put this at risk.
While neither party can guarantee transition of these relationships, retention will be heavily linked back to the initial communication pieces received from the vendor and the purchaser. Aspects such as practice relocation, introduction to clientele, announcement of the transaction, ongoing involvement of personnel and you as the vendor can often prove more challenging than the purchase itself.
Let us advise you on the WHO, WHAT, HOW, WHEN & WHY of post settlement success. Client retention will ultimately determine the success of any deal and with an expert in your corner at this vital time, a smooth transition is what you can expect.
Consultation rates commence at $500 per hour + GST.
