Finance and Accountancy Briefing
Facing the Fear of Merger or Sale of Multi Partner Firms
Baby boomers are endemic throughout the profession, as they are in many other walks of life. The truth is that there are too many practices of between £¾ million and £1½ million that do not have youngsters coming through the ranks who are either capable or willing to take over the practice. Nor are they willing to provide the substantial sums of money that retiring partners need in order to leave the profession. It is sad, but true that given the events surrounding pension provision in the UK, some practitioners may never reach the point of retirement. At the very least, it may have to be deferred for some considerable period of time. Nevertheless, there are many practices that need to consider their future very carefully and how to hand on the baton of the practice to the next generation. The most common method at this time is for you, as a practice, to be taken over by a larger entity. That practice is usually going for a major presence in its own geographical area and is seeking quality firms to join it.
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