View of the Lake
I got an email recently with a photograph that was taken from about 30-40 feet from the ground…looking down on a dock with a boat and a couple of chairs. It looks like there is a balloon tied to one of the chairs. Needless to say it is a nice view.
Along with the picture, the sender explained…“We need your help to get our butts permanently in those two chairs on the dock as soon as possible!!!”
This is a perfect example of a seller who has exactly the right idea. I have been talking with him for several years and now he is ready. We often tell practice owners that you need to have a vision of how you will spend your days after you sell your practice. He now has clarity about where and how he will be spending his time in the not too distant future.
This brings up a question though:
If a buyer knows that the seller is very motivated, will that compromise the seller’s position when negotiating a deal?
First of all, there is a big difference between being motivated to sell and needing to sell. There are situations where someone needs to sell an accounting practice out of desperation, and that is not what we are talking about here. In our experience, seller-motivation is positively perceived by buyers. For one thing, they know that their time invested in exploring the opportunity is time well-spent. Secondly, they know that if the seller is motivated, then he or she is likely spending his or her time talking with other buyers as well.
The view from the lake house is nice. What is your vision for life after public accounting?
About the author
Brannon Poe, CPA
An author and experienced intermediary specializing in accounting practice sales, mergers and acquisitions, Brannon has efficiently and effectively facilitated hundreds of successful practice transitions. He has a unique ability to help creatively integrate information to develop clear, focused plans. He enjoys helping clients implement these plans to achieve their most important goals.