PRACTICE MERGE OVERVIEW

There is an opportunity of a lifetime awaiting a dynamic RA to be a partner in a dynamic yet traditional audit firm. You should ideally be in the 30 to 40 age group to fit in with the succession planning strategy. In addition you should have hands on practice experience and need to be on top of all things as expected from a practitioner. This group is both IRBA and SAICA registered and your role is to be an RA partner with Attest status. Ideally you have a client base and the cash to buy in.

Some Background
Founded in 1988 this is a full featured accounting practice offering a wide range of financial and consulting services. They have a bookkeeping division operating in a Pty Ltd with annual fees of R22m and then also an independent IRBA INC with annual fees of R3m. With some 50 staff members this gives you an idea of the size of the practice.

Why This offer?
This is part of Succession Planning and an exit strategy for the one partner. New clients and new blood from outside is the preferred route for the practice.

Proposed Transaction?
UPSTREAM MERGER
Firstly you merge your Practice into theirs. This means you become part of them. This gives you some equity in your new home

CASH BUYS MORE EQUITY
Secondly your cash contribution in the first initial step buys some more equity from the exiting partner. You will have a chance over the next few years to increase your equity as this partner is phased out.

This is not a job interview, but your skill set and experience together with the personality fit are the critical factors. The seller will be flexible to accommodate the right new partner. You will all obviously benefit if you can do an upstream merger of your practice and fees into their operation. A cash component will further benefit you and allow you to secure more initial equity. The quantum of equity is open for discussion and part of the negotiations. Your skills and cultural fit as a partner will obviously be the most important factor. So to sum it up, this is a flexible transaction that will suit the right candidate but some basics components must be met. They want this done sooner than later.

Let's Recap!
There is an opportunity of a lifetime awaiting a dynamic RA to be a partner in a dynamic yet traditional audit firm. You should ideally be in the 30 to 40 age group to fit in with the succession planning strategy. In addition, you should have hands on accounting practice experience and need to be on top of all things as expected from a practitioner. This group is both IRBA and SAICA registered and your role is to be an RA partner with Attest status. Ideally you have a client base and the cash to buy in to increase your equity position. The practice is R3m in IRBA fees and R22m in non-IRBA fees, total fees of R25m.

The older partner is busy exiting the practice in a phased approach and the two younger partners need backup, means you can end up as a full status equity partner. Your own fees to be merged into the practice and cash to acquire some equity from the exiting partner will get your foot in the door.

The size of your fees and own cash will get you an audience but are not the deciding factor. Your cultural fit with the why and how the practice operates, personality compatibility with the current partners and senior staff will be the determinant factors.

If you think this is the life changing opportunity meant for you please contact us today, they want to get this done right now.
 

If this is something that can work for you? 

 Contact us today if you are interested
 

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Reference - M200801