Selling a professional practice

31/10/2017

The sale of a professional practice is not the same as the sale of just any small business.  

If you’re selling an accounting practice or a financial planning practice, there are very specific issues that need to be addressed.  To begin with your major asset is your client base and it’s vital that you can successfully transfer that client base to the buyer.  

Clients are not chess pieces that can be moved wherever and whenever you want.  They have their own views about who they want to advise them and they can’t be taken for granted.

And that’s just one of a number of very specific issues to consider like retentions, clawbacks, WIP, restraints, debt recovery … the list goes on.  And of course there may also be the need to make the sale conditional on the consent or co-operation of a third party AFS Licensee.

For a copy of our free guide on the things to consider (before you start talking to a possible buyer) - written by Townsends Business & Corporate Lawyers, who have 30 years’ experience in the field - email us at info@townsendslaw.com.au or call Townsends Business & Corporate Lawyers on (02) 8296 6222.