As the year comes to a close, the team at Abacus Business Advisors would like to wish you a happy and safe holiday season. 🎉 It’s been a fantastic year of connecting with Accountants across the country, navigating market trends, and assisting practices with their next steps, be it buying or selling.
In the spirit of the season, here’s a collection of insights, tips, and highlights from 2024 – consider them our small gifts to you, like stocking fillers or an advent calendar to close out the year! 🎁
🎁 “The Market is Heating Up!”
As summer approached, we shared that the market for buying and selling Accounting practices was just as hot as the weather. For those looking to make a move, understanding trends and setting realistic expectations was key this year.
🎁 “Successful Trips & New Connections”
In 2024, we’ve travelled to every state in Australia except Tasmania, meeting with Accountants to discuss opportunities and market trends. It hasn’t just been in the capital cities – we’ve advised a number of regional firms throughout the year, providing support to practices in all parts of the country.
These trips reaffirmed the importance of staying connected and having open conversations about buying and selling practices.
🎁 “Some Tips that we have Shared”
This year, we’ve provided guidance for Accountants thinking about exiting:
- Start with a succession plan and get your team’s buy-in.
- Plan B is to find a Buyer or Merger Partner to ensure the practice continues to thrive.
- Clients and staff are the number one priority when finding the right partner. It’s essential to ensure the buyer aligns with your values and can provide a smooth transition for both.
- Have a transition plan in place for the handover of clients to ensure a smooth and successful outcome.
🎁 “Other Tips that we have Shared”
Throughout the year, we’ve shared insights to help practices stay competitive and well-prepared:
- Understanding the market allows you to act with confidence, whether buying or selling.
- For Buyers: Being proactive is key – opportunities move quickly, so expressing your interest early is essential.
- For Sellers: Focus on enhancing the quality and value of your practice—this will always attract the right buyer.
🎁 “Meet Steve: The Person Behind Abacus”
This year, we introduced Steve – the face of Abacus Business Advisors. With over 25 years of experience, Steve combines his expertise with an ‘old-school’ approach, preferring paper reports and face-to-face meetings. (Even though he loves travel, the Sydney Bridge Climb couldn’t conquer his fear of heights!)
Steve is hoping to get some duck pancakes in his stocking for Christmas. 🧦
Closing Thoughts 🎆
2024 has been a year of growth, learning, and connection. Whether you’re buying, selling, or simply exploring your options, it’s been a pleasure to work alongside so many dedicated professionals.
From all of us at Abacus Business Advisors, we wish you a relaxing and joyful holiday season and an exciting year ahead. If you’re ready to start 2025 with a conversation about your practice, we’d love to connect in the new year.
Happy Holidays! 🎄✨
If you’re thinking about buying or selling a practice and want advice from a trusted, experienced team, we’re here to help.
Call us on 1300 121 013.