Achieve work / life balance in this beautiful regional center, or benefit from an established presence in a secondary location, or ‘bolt on’ these fees to your existing firm.
This long established firm services clients predominately in the Midwest, but also WA’s Northwest and Perth and has maintainable fees of around $900K. It provides GP type services including tax, accounting, BAS, bookkeeping, corporate secretarial and SMSF audits, albeit the vendor may wish to retain the audits.
The firm’s lodgements equated to 1,061 in 2022. These consisted of 735 ‘I’ returns, 52 partnerships, 131 trusts, 90 companies and 33 super funds. Additionally, there were 20 SMSF audits. Overall, this represented an average billing of slightly less than $1,000.
There were 489 client groups serviced to May 2023, representing an average of just over $2K per annum. Some 29% of revenue was within the fee ranges of $5K to $10K, a further 14% in the $10K to $20K range, and roughly 29% of annual fees were in the range between $2K & $5K.
The top 20 client groups to May 2023 contributed almost 27% of overall revenue including the largest client at 4%. Three quarters of these groups are local to the firm with the balance throughout WA. The age of the main contacts within these groups range from forty to their mid seventies, albeit half are aged less than sixty. As would be expected given the longevity of this firm, three quarters of these groups have been serviced by the firm for 20, if not 30 years.
The firm has around 4.6 FTE professional staff and 2 FTE support personnel. One, or possibly two of the more senior personnel may have an interest in acquiring a small proportion of equity as part of this proposed transaction.
The firm’s IT is driven by a Dell server with software including MYOB AE, Class and other accompanying software.
The firm’s premises are 260 m2 and owned by a related party. Whilst it’s not a necessity to take on the premises, it would be considered desirable.
The practitioner wishes to transition to retirement, however due to their longevity of service to their clients, it may take some time. Thus, they would be available to continue to provide advisory services for up to 3 – 5 years based on the removal of the administrative and compliance responsibilities.
E-mail broking@robknightsbroking.com.au to request a confidentiality agreement or phone (02) 9233 4333.
The completion of a confidentiality agreement is essential prior to the supply of any information.
