A long standing business services firm with $700K in fees.
This is a well established accounting firm located in the Hills District of Sydney offering a high level of personalised service to its valued clients. Its services include accounting, tax, tax advice, management consulting and SMSF administration. Growth originates through the firm’s professional and accounting contacts whilst also currently considering the use of outsourcing as well as social media. Financial planning advice is also currently absent from its service offering and may represent a further opportunity.
The firm’s tax lodgements equated to 477 in the 2024 tax year. These consisted of 305 ‘I’ returns or 17% of revenue, 4 partnerships, 51 trusts or 13% of fees, 70 companies or 38% of turnover, and 47 super funds or 24% of revenue. Overall, this represents an average tax lodgement of $1,670 and more broadly an average client billing of $1,725.
The top 20 client groups for the 2024 financial year contributed around 36% of overall revenue including the largest client at 6.4% of fees. There is no specialist industry representation amongst these groups. The majority are located in Sydney however some are regional and one group in located interstate. The age of the main contacts within these groups range from early fifties to their late seventies. Most have been serviced by the firm for 15, 20, and in some cases 30 years.
The firm is supported by a small but competent and experienced team who all work on a less than full time basis and will be beneficial to the transition process.
Technology currently utilised by the firm include Xero, Supermate for SMSFs and BGL Corporate software although this is an area for optimisation.
The firm’s premises is 91 m2 and owned by a related party. Whilst retention of the premises beyond an initial term is not required it is believed that continuity for at least a short period of would be ideal, the ability to relate locally thereafter.
The time has come for the principal to retire however they will be available as required for the necessary transition. Given the personal nature with which these clients are serviced, it is felt this opportunity would be best suited to a smaller firm capable of continuing this approach.
E-mail broking@robknightsbroking.com.au to request a confidentiality agreement or phone Michelle on 0413 047 077.
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