EM&F are delighted to present an opportunity to acquire an established and respected Franchised based Accountancy Practice near the Suffolk/Norfolk border, which undertakes a full range of accountancy services ranging from self-assessment returns, book-keeping, payroll, VAT returns, simple sole-trader accounts through to Limited Company statutory accounts and tax computations.
The business has been a member of the highly regarded AIMS Accountants for Business Franchise network for over 10 years.
This is a quality business currently operating from an annex close to our vendor’s home, providing a good working environment and a good regular income, with great potential to substantially expand both the client base and the level of income. The vendor is open to the idea of staying on in the business for an agreed period after handover with the option of continuing to operate from the current office if this would assist a buyer to get settled into the business. A buyer will have a recognised accountancy qualification, and have, or be able to obtain a “practising certificate”. - The vendor would be willing to continue to work within the business to assist a buyer in completing this requirement.
THE BUSINESS ITSELF
The vendor joined the AIMS Franchise in 2009 and has built the client base from scratch, providing a generous income and comfortable lifestyle. The business is only being offered for sale as our client wishes to retire and enjoy time with the family.
As noted, the practice offers a full range of accountancy and tax services to its 120+ client base, with an emphasis on personal contact and quality. Business client turnovers vary from £30k to over £600K, with a strong client base of Sole-Trader, Partnership and Limited Companies, many of which have been retained since the practice was first established. Client fees are agreed and set by the vendor and the majority of clients pay on a monthly basis which provides a steady income stream.
Whilst the majority of clients are within the general Beccles area, the AIMS Franchise does not limit the area from which clients can be serviced and a number of clients have their business further afield.
The vendor currently has a graduate assistant working within the practice, who is training for their AAT qualification and there is the option for the employment and training to continue should the new owner wish.
“AIMS Accountants for Business” – www.aims.co.uk, has its head office in London and has over 200 separate accountancy practices within the Franchise. It encourages and supports practices to grow both client numbers and income and does not restrict geographical areas of operation for a practice.As there are no other “AIMS” practices close by, the buyer will have the opportunity of offering their services, backed up by the “AIMS” brand in an extensive area.
An excellent head office structure exists providing franchisees with ongoing training, support, website and marketing in return for monthly royalty payments and quarterly contributions to a marketing fund. In return head office provides comprehensive marketing campaigns to increase awareness of the brand and to help gain new clients for the practice. The sale of the business would be subject to the purchaser being approved by the franchisor and the granting of a new AIMS Franchise Agreement.
The business currently trades at a regular level of circa £90,000 which suits our vendor’s current requirements and lifestyle. It is considered that due to the new client leads that are generated by both our client and via AIMS marketing and limited competition in the local area, it would be relatively easy to significantly increase the business turnover within a short time. This opens this sale up to one or more accountants / husband & wife team, looking to operate a larger practice.
In addition to the regular/recurring fee income, extra fee income is earned for additional services, consultancy etc. For an owner operator the current business provides a high level of profit, and certainly offers strong potential to further develop the business and profitability.
ACCOMMODATION & LOCATION
The business is currently operated from a separate, spacious annex next to the vendor’s home, on the Suffolk / Norfolk boarder, close to Beccles, and the Beccles industrial parks and there is good potential and opportunity to increase the client base and fee income from business located with a 10 + mile radius. Whilst ultimately a purchaser would need to relocate the office, there is the opportunity to remain at the current location for an initial period to assist with the transfer of the business.
The sale of this AIMS Accountants for Business franchise provides an opportunity to acquire an established and respected practice holding a quality client base. All the hard work in establishing and growing the business has been undertaken by our vendor and as this practice is not near any other “AIMS” accountants, there is considerable potential for a new owner/s to build, develop and increase the current fee income and profit.
The business is felt ideal for a qualified accountant/s ( from practice or industry) looking for the flexibility of owning and running their own business, but who may not yet have a practising certificate, but who could benefit from the vendor working with them by staying on in the business until such time as the buyer was able to take full control and responsibility of the business. A formal structured share purchase agreement could be agreed in this regard if required.
As the vendor is keen to ensure a smooth handover and full retention of existing clients, the new owner/s can be assured of a comprehensive and helpful transfer, which would be further backed up by excellent head office support and training from the Franchisor.
Contact us to discuss this excellent opportunity in further detail.
There will be a Franchise Handover Fee of £5,000 (+VAT).
The vendor currently works flexible hours to suit the business demands and his personal life based generally around standard office hours of 9:00 am to 5:00 pm Monday to Friday.
Is this business relocatable: