Location of clientele
Sunshine coast, ACT & surrounding regions.
Type of clientele
Health professionals, investors, SMSF’s & retirees.
Client Connectivity
95% online utilising Google & Zoom Meetings.
Vendor manages the clientele 6 months a year from their Thai beach house and the other 6 months from Qld coastal abode. Vendor was off work for 4 months. Most clients have been with the practise 15+ years.
Age range of clients
50-80. There is also periodic ongoing advice with children of clients on tax and estate planning.
Client fees
Last year (23/24) was $240K (not including ongoing/intermittent advice) from 32 client groups. Expected T/O for current year to remain the same.
Fees range from $390 p.a. (simple tax returns) to monthly DD system for SMSF’s and sophisticated clients.
SMSF’s
There are 13 SMSF’s. Fees range from $3300 p.a. TO $7500 p.a. This covers: annual compliance – SIS act advice (pensions/investment strategy etc). Financial Planning is currently outsourced, if required.
Consideration
- The vendor would like a multiple of 1.25 times annual T/O with WIWO offer or
- Fixed price of $250K with a $200K fee guarantee with no clawbacks.
No “subject to finance” deals or vendor finance available.
The principal is available for 12 months on exclusive retainer that is flexible with transition management of clients in first 3 months.
Software and storage systems in use.
- Access Elite for ledger & tax work
- Microsoft 365 for excel analysis / work for letters etc
- Google workspace for small communications
- Google Meet for video meetings with clients – this can record and transcribe meeting notes
- Harvest app for tracking time and billing jobs – connected to Stripe for card collections
- Xero / MYOB for client accounting systems – client owns these software subscriptions
- Dropbox for data / digital file management
- Anneture for digital signing
- ASIC online for ASIC client corporate management
- Practice Ignition Engagement software that connects clients at start of jobs, agrees on scope of fees, collect bank details so we can direct debit – typically 50% deposit – 50% on completion for larger jobs or 100% on signing for smaller Very efficient and these engagement agreements are mandatory now with tax Practitioners Board.
Important information
- 100% of accounting jobs outsourced to reliable contractors at 10-15% of Contractors trained to provide comprehensive workpapers/analysis up to financial statements stage for all entities
- Have SMSF auditor that images all SIS Act compliance for 13 SMSF funds
- Have access to an SMSF lawyer that provide compliance documentation & advice for all SMSF’s. Could be in-sourced to keep cashflow in house
- All advice provided by principal- that is client focussed only
- Principal works 20-30 hours per week during the tax season – 3-4 days of 6 hours shifts
- 4-5 months off pa – mid Dec to mid Feb – Jul to mid
- Only a handful of clients have BAS facilities with business – as no profit in these type of jobs – we offer training or find a bookkeeper
- Have a preferred Financial Planner that handles all client Super/Investments as required
- 95% digital delivery allows for independent location for Although Sunshine Coast/South east QLD based would suit.
- 100% digital Email forwarding for all client communications
- Minimal snail mail – although maintain PO Box in Buderim QLD in event older clients mail documents or ATO/ASIC send documents.
- The business has a Local PA that collects/Scans mail weekly. She also collects documents and does odd jobs for local clients
- The business is for sale as a going concern so there is no GST.
For an introduction please call or contact Jim Prigg.