Getting a practice ready for sale takes time and care. Over recent months, we’ve been working with a client to sell their practice the right way, after they’d originally been contacted by someone keen to buy. While this type of offer can be tempting, and indeed flattering, it is almost always guaranteeing the worst outcome. Instead, we suggested approaching things differently.
We brought in an expert adviser from Christie & Co, who carried out a full valuation. Together, we arrived at a number and began preparing the practice for sale in a few months’ time. In the meantime, however, the practice’s performance continued to improve.
In fact, things picked up so much that just before signing off the final brochure and taking the sale to market, I asked for one final meeting to talk through the latest quarter’s numbers. Based on those discussions, we were able to market the practice with an additional £100,000 on the asking price; an increase that buyers have met.
So, how much was that one-hour meeting worth? To the client, quite a lot.
This example doesn’t apply only to practice sales, but to many possible areas of your business. Dedicating time to doing things the right way – taking a joined-up approach to your problem – pays dividends. Speaking to an accountant, broker or consultant who has deep experience and really knows what they’re doing is well worth your time.
In contrast, “cheap” advice (the type offered by that well-meaning friend at the bar, or an adviser operating in isolation) can be worse than no advice at all. The first offer our client received was actually £500,000 lower than the practice’s final valuation. For them, taking the apparently easy route would have been a costly step. If they hadn’t asked our advice, however, they’d never have known how much more they could have had.
The same is true in areas like tax and accounts. I’ve held initial client meetings that have unlocked the potential for huge amounts in tax savings. By talking through a client’s personal budget and business figures, we can spot missed opportunities or different ways of doing things. On average, these sessions lead to savings of £50,000 for new clients. But before we talk, they’ll never realise what they’ve been throwing away.
A well-placed meeting or timely intervention can be worth its weight in gold. By meeting with clients at the start of their tax year, we can think ahead for the next 12 months. By carrying out personal budget planning, we can tailor your income to your lifestyle. And, by jumping in with a practice diagnostic when it’s most needed, we can find the right solutions to the challenges you’re facing.
Ultimately, success comes down to doing things at the right time, in the right way, using the right professionals. For us, this often means drawing on the individual expertise within our team; pairing you with the people best qualified to look out for your interests. It can also mean knowing when and where to reach out for other experts, such as solicitors, brokers and financial advisors (and if you need recommendations, we’re always happy to oblige).
Let’s be honest – sometimes, when you’re busy or overwhelmed, a meeting is the last thing you want. But setting aside a small window in your diary can spark a domino effect of opportunities. Fresh eyes can see things other people (including you) might have missed. An hour of your time could net tens, or even hundreds, of thousands of pounds.
If you’re planning ahead for change, or you’re thinking of moving to a new accountant, do ask us for an initial chat. You never know what it might be worth.
