Key considerations when purchasing an accountancy practice

By Altius Group

23 Apr 2021

accountancy.jpg

Whether you’re an experienced buyer, or at the advent of your first acquisition, the process of buying an accountancy practice can be an immensely complex and stressful event without the correct advice and guidance.

With a process as life altering as overtaking the ownership of a business, with substantial professional and personal ramifications, it is important to remain fully abreast at every stage of the acquisition.

At Kings Professional, we are highly regarded within the industry for getting sales across the line in a prompt timeframe.

By advising both the buyer and seller throughout the business sales process, we can remove any unnecessary delays that would otherwise risk a sale falling through, allowing us to facilitate a succinct completion.

Requirements

The primary stage of every acquisition is the process of identifying a suitable target. Before commencing your search, you will want to outline a clear list of your business requirements and the reasons why you are seeking an acquisition; this information is vital for a business broker to correctly match yourself up with an array of appropriate opportunities.

What geographical area are you looking in, and if you already own a practice, within what proximity must a subsequent practice lie? What services are you looking to offer your clients and does your target already specialise in this provision?

How much additional scope for growth must a practice possess, or is it already operating at full capacity?

Preparation

Once you have identified an accountancy practice that matches your search requirements, you will need to draft a formal offer for the business. Within this, you will need to decide on a deal structure that pertains to matters such as staff retention, client retention and trading premises. An accountancy practice owner will have already stipulated their preference on the structure of the deal, opting for a full practice sale or a block of fees, but many are open for negotiations that explore further options.

Due Diligence

Finally, once a deal has been agreed upon by yourself and the seller, the due diligence process will commence; we highly recommend seeking legal assistance from a solicitor with specialities in the acquisition and disposal of accountancy practices.

Due diligence is your opportunity to verify that the promised performance of your target will be realised after the point of transaction. Throughout this stage, yourself and your legal representative will want to review and scrutinise the practice’s financial statements, contracts, certificates, client lists including historical and forecast client retention figures, outstanding fees, asset lists and lease agreements, in addition to any further relevant documentation.

Business sales aren’t packaged with a return policy, so it is vital that you fully comprehend what you are buying in advance of completion.If you are now considering the acquisition of an accountancy practice or would like to seek further guidance regarding your business requirements, please do not hesitate to get in contact with a member of the experienced Kings Professional team and they will be delighted to assist you.

Latest news

1

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London. The Rt Hon Jonathan Reynolds, the Rt Hon Christopher Luxon and the Rt Hon Steve Reed (L-R Front Row) David Hammond, and Daniel Knowles

Chiptech announces major innovation initiative at high-profile reception with the New Zealand Prime Minister in London.

30 Apr 2025

2

Northstone secures full planning permission for 50 new homes in Edenfield Edenfield housing development

Northstone secures full planning permission for 50 new homes in Edenfield

29 Apr 2025

3

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens Dovestone Gardens launch

Ring Stones Maintenance and Construction celebrates completion of Dovestone Gardens

29 Apr 2025

4

PHX Training welcomes new business leader to drive learner success Louise Kirby

PHX Training welcomes new business leader to drive learner success

29 Apr 2025

5

Lidl to invest half a billion pounds in its expansion as it eyes sites in Lancashire Lidl

Lidl to invest half a billion pounds in its expansion as it eyes sites in Lancashire

29 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

Advantage: AI – A Workshop for Business Leaders – May 2
EV-land-2025-05B.png.png
LBV Hub Seminars
02 May 2025 - 02 May 2025

Advantage: AI – A Workshop for Business Leaders – May 2

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Celebrating 50 years of KTP
UCLanAerialCampus.jpg.jpg
LBV Hub Networking
07 May 2025 - 07 May 2025

Celebrating 50 years of KTP

University of Central Lancashire , Preston, PR1 2HE

16:00 - 18:00

Research and Knowledge Exchange Showcase
13421_research_knowledge_exchange_2025_600x300.jpg.jpg
LBV Hub Awards
07 May 2025 - 08 May 2025

Research and Knowledge Exchange Showcase

University of Central Lancashire , Preston, PR1 2HE

09:00 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin