One of the most disappointing things I see is when an overworked practitioner writes to some of their long-time clients to say that they can't represent them anymore. It's the business goodwill equivalent to burning cash.
A close cousin to this is where a practitioner is approached by an ideal new client but is unable to take on their work – while at the same time their existing client base is filled with clients that are far less suitable to the practice.
When I ask why they didn’t parcel up these fees and sell most practitioners respond with "I didn’t think they were saleable".
That’s a costly assumption to make.
Our long experience in selling practices gives us a thorough understanding of the level of buyer interest within particular combinations markets and geographies.
You'd be surprised by the number of buyers constantly looking for small parcels either to supplement their existing base or to get a start in business.
The fees that don’t quite fit your practice might just be a perfect fit for someone else.
We’ve completed several deals like this to the benefit of the practitioner, who can:
- Get paid for their goodwill
- Take better care of their remaining client base
- Take on more clients of the type they prefer
- Have a better work/life balance
- Receive service fees and rental from the buyer
The key to this is getting the process, transition and documentation right, and then putting your fees out there to the right buyers.
We'd love to help - call us if you'd like to know more.
Mark Witt CA
Mark is the Head of Brokering at Business Exchange with over 20 years experience and 400+ completed transactions
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