When my brother and I ran the 100km Ultra at Tarawera in 2015, we did not envisage how much of an impact it was going to have on us in both physical and mental format.
It was not just making it to the finish line that was our goal, it was the process and memories leading up to the race and during the race that was the most memorable!
When I had to let my brother go at the 55km mark so that he could make it to the aid station and complete the 60km due to hydration issues, I knew that I had to run beyond marathon distance to make it to the 100km finish line.
Trust me, trail running in the redwoods forest in Rotorua from morning until dark is not great when you are at the 70k mark and your body is starting to shut down!
The struggles, the doubts and the pain were there, the perseverance and stubbornness to see it through was still burning strong!
Yes there were huge doubts, but they were superseded visualizing my family and the thought of taking control of this race, rather than the race taking over and consuming your physical and mental state slowly!
In the Accounting World
I think of my day Job as one of the Directors of Accounting Practices and buying/selling and merging an Accounting Practice on a daily basis.
When I am dealing with Partners, I can sense it is not an easy decision to make for them, when they are looking to sell.
Running a Practice is like a journey, it’s the goodwill you have built up over time that is the most valuable part of this process.
All the memories start flooding back to the vendor such as, your clients that were loyal to you from day one, the clients you have picked up over time either through business development or referrals. The thoughts of “What am I going to do”. Is my transition period going to be enough, Job security etc
The endless hours in the office, the sacrifice of family time and the highs and lows of running a Practice all start to play a part in the decision making process.
Many Accountants in Practice sometimes forget they are running a business on top of advising their own clients.
What we are seeing is that it’s still very much a sellers’ market, so as a seller you need to ensure you present your business in a very professional manner so that when we source and find the right match, the transition is smooth on a going concern.
The old fashioned rule of cents on the dollar is still used, although there have been deals where multiples have been used.
Our year has started very strongly in terms of both Brokering and Executive search.
We are very fortunate at Accounting Practices we have our consultants that have had “skin in the game” so they can ease the stress levels by talking from experience and the heart when discussing options with you.
If you are looking to Buy/Sell/Merge or other, then take your time to deal with the EXPERTS at Accounting Practices Limited
What separates Accounting Practices from our competition?
“It’s not the bottom line we are interested in, it’s the Journey”
Riki Sila
022 0432 880 or riki@accountingpractices.co.nz