Life after AAT - Buying into a practice/partnership

KW17 2LNKW17 2LN New MemberPosts: 12Registered
In anticipation of qualifying within the next few months, I'm researching the possibility of buying into a small partnership or practice - perhaps someone retiring / selling up etc.

I have a decent lump sum I'm willing to risk on such a venture and figure this may be an easier option to get into practice quickly rather than starting alone from scratch.

Anyone any experience of this or can point me to some handy links or war stories they can share? Thankyou.

Comments

  • deanshepherddeanshepherd Font Of All Knowledge Posts: 1,809Registered
    Fancy moving to South West London?

    Interesting postcode by the way...!!
  • BCASLBCASL Feels At Home Posts: 64Registered, Working Together with HMRC
    I passed through there - amazing how there aren't any signs there!
  • BluewednesdayBluewednesday Font Of All Knowledge Posts: 1,624Registered
    ha ha ha
  • MonsoonMonsoon Font Of All Knowledge Posts: 4,071FMAAT, AAT Licensed Accountant
    Partnerships: tread with extreme caution. Don't go into business with anyone you don't know or haven't worked with before, or that doesn't have a long-established reputation. Shareholders agreement, director's service agreement, partnership agreement, get the lot and make them watertight. Otherwise you may have picked an apt username!

    Google "valuation of accountancy practice" to find out what you should be paying, there are many variables that can influence the "average" 1.0 x gross recurring revenue.

    Good luck.
  • anniemanniem Experienced Mentor Pewsey, WiltshirePosts: 1,325Registered
    BCASL wrote: »
    I passed through there - amazing how there aren't any signs there!

    I used to live at PL15 8QX - Splatt - there are no signs there either, they kept getting nicked by amused tourists!!!!!!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • noodlesnoodles Trusted Regular Posts: 308Registered
    anniem wrote: »
    I used to live at PL15 8QX - Splatt - there are no signs there either, they kept getting nicked by amused tourists!!!!!!
    Am I missing something, what is amusing with that post code, I cant see it, please explain ....
  • anniemanniem Experienced Mentor Pewsey, WiltshirePosts: 1,325Registered
    Google KW17 2LN - think you'll see the joke!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
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