Partner in Accountancy Firm

kennyb3

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I have recently been given the opportunity to become partner in the firm I work in. There seems to be little in the way of information apart from the practice consulting area on the CAI website.

If anyone has gone through this process is out there and is willing to help with a few questions id be grateful of a PM.

Thanks
 
Hi Kenny

What specific questions do you have?

I am surprised that the Institute were not able to help. We pay huge fees.

Brendan
 
Hi Brendan,

The CAI site seems to contain alot of information about buying or selling a partnership but it contains very little information about methods of valuation, particularly a minority interest. It mentions the super profits method but very little else. It is very targetted towards 50:50 splits or setting up a practice from scratch.

Obviously every practice is different based on profile of clients, level of fees, balance sheet etc etc.

But I am just trying to gather more information on a) the steps involved in the process and b) how i can negotiate the best deal.

I have e mailed the practice consulting team, so hopefully i hear back.

As im sure you can imagine there is very little information in the public domain in relation to this and thus it is problematic for me to go about this in the right fashion (i.e Im going entirely on instinct and general knowledge)
 
John McCarthy Consulting Ltd provides such advice. John is a former ICAI Practice Advisory Executive.
 
what is break up of 100% at present in firm- who owns each % and what % would you get.

What kind of finance amount are they thinking

Should you also look at Incorporation?

Due diglience would be essential in regard to client base, look at normal things buit also look at wip, debtors listing , any legal actions, are other owners financial secure

A judgement on one owner could draw attention to practice

Is their any audit work done their or is it all accountancy.
 
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