Latest news at Foulger Underwood
Kevin Reed's first article on behalf of Foulger Underwood last month covered how to optimise the value of your practice in terms of a sale. This time, he discusses how to make great-value and strategically important acquisitions.
You might think: ‘Well, I can learn about buying a practice based on your first piece looking at the sale process?’.
Of course give our earlier blog a good read – however, buying a practice is not just the mirror image of a sale...
Vistra, one of the world's leading corporate service providers of international incorporations, trust, fiduciary, private office, international expansion and fund administration services, has acquired Global Expandia, a Jakarta based firm providing market entry and other related services to foreign-owned investors operating in Indonesia.
Vistra were advised on the transaction by Foulger Underwood.
We are pleased to showcase the first of what will be a regular series of blogs by Kevin Reed on behalf of Foulger Underwood, covering key aspects of a practice’s lifecycle.
His first covers how those considering selling their practice can take steps to maximise its sale value.
And this is by no means a short process...
The future of the accounting profession will be all about clients and talent sets. The accounting profession has traditionally held a pyramid-based employment and organisational structure.
It has been focused on partners and a limited range of services including compliance as well as, optionally, advisory services. Client loyalty has been of paramount importance and the lifeblood of the business has been recurring fees.
There is dynamic change on the way...
The end of year work on tax returns has always been a trial and a struggle for most smaller sized practices.
A combination of penalties, and reluctant clients who feel that 29 January is ample time for their accountant to submit a tax return means there is usually a struggle with process/time management rather than any technical issues.
HMRC has, in its wisdom, planned to move self-assessment to a digital platform with opportunities for clients to check and submit their returns direct to HMRC. The digitalisation plans may or may not be achieved on time but an evaluation of the possible effect of the impact on clients and accounting practice revenues is not something to be dismissed lightly or even avoided...
Our Managing Director, Tim Underwood is taking part in a panel discussion broaching the vital issue of setting yourself up to buy or sell a practice.
‘Building the Right Mindset for Successful Consolidation’, takes place on 23 January on behalf of the Institute of Singapore Chartered Accountants (ISCA), for their 7th SMP Dialogue – The Know-Hows of SMP Consolidation.
The panel will deal with helping buyers set out a strategy, while giving sellers an understanding of where their practice fits in the market.
Tim is looking forward to providing insight on the matter, and hearing the views of local practitioners.
For those interested in attending or finding out more, CLICK HERE.
We are looking forward to running our next Succession Planning workshop, in partnership with the ICAEW, on Tuesday 21st November at the Chartered Accountants' Hall.
Succession planning is a vital process and instrumental in the evolution and success of a practice. Succession planning can guarantee the future of a practice.
This workshop is relevant to anyone planning to retire in the next 5-8 years, sell or merge their practice, pass it on to a family member or who just needs some impetus and an action plan.
We shall be covering – planning, your options, case studies, practice analysis, preparation for succession, valuation, trends and finally an action plan.
To register or learn more please follow the link below...
We are really looking forward to attending the ICAEWs 'Practice 2017' this Thursday 21st November, in London. Looks like a fantastic couple of days with a varied schedule and some exciting presenters.
We have been invited to offer 1:1s on Succession Planning throughout the day - and Keith Underwood looks forward to meeting many of you there. If interested, please book your slot in advance with the ICAEW or come along to our specialist room to book a last minute session on the day - or just to say hello.
Please do click on the text below to explore the conference further or to book your slot via the 'one-to-one sessions' tab ...
Small and medium-sized practices (SMPs) today face many issues that challenge their business and bottom line. Besides facing the challenges arising from disruptive technologies, enforcement of regulations and rising business costs, they find themselves being squeezed out of their traditional market of serving clients in small and medium-sized enterprises (SMEs) by large international audit firms.
“Very little time is spent by practitioners assessing their existing business and plotting a course for where they want the practice to be in two, five and 10 years’ time,” says Tim Underwood, Managing Director of Foulger Underwood Asia. “Without a plan, and without applying the time and resource to implement the plan, practices will continue to drift, become less competitive and ultimately have reduced realisable value when the shareholders/members look to exit. It takes a long time to grow organically, therefore, most strategic plans should incorporate organic growth, supplemented with M&A, to try and achieve strategic objectives in a shorter period of time.”
As published in the ISCA Journal, November 2017 edition
Accountancy firms that are slow in grabbing the opportunities that Making Tax Digital offers, will suffer, says Phil Shohet of Foulger Underwoodkato. Can you remember the last time the accountancy profession faced such a seismic change, and the same level of opportunity – and threat – that this momentous upheaval brings?
As published in the ACCA's Accounting and Business Magazine July/August edition.
We are pleased to announce that our client Virtual HR (“VHR”), a leading provider of payroll services in Singapore has been acquired by the TMF Group - Singapore, a leading provider of high value business services to clients operating and investing globally. The deal was completed on the 31 May 2016. We wish them both much success in the future.
There is an authority vacuum in many firms, with no one really clear about how decisions are made or who makes them. It’s the stuff of failure, says Derek Smith.
As published in the ACCAs Accounting and Business Magazine, June edition
The market for acquiring accountancy practices is being re-energised by more varied suitors, such as outsourcers, private equity and IT firms, says Keith Underwood.
There have been stirrings in the accountancy acquisition market over the past 18 months. The consolidators have long gone, but the market is attracting attention from a couple of groups of new, specialist buyers.
As published in the ACCAs Accounting and Business Magazine, May edition.
Deferred baby boomers in sole practice and small firms are those who are most vulnerable to the perils of planning for retirement, as Keith Underwood explains.
Your retirement is likely to be the most important decision you make in your career. The considerations you need to take into account are wide-ranging and include personal finance, job satisfaction, whether suitable succession for the firm is in place, and the hobbies and other active interests you have to occupy you in your retirement.
As published in the ACCAs Accounting and Business Magazine.
The expectations of today’s employees – and potential senior partners – are changing, so it is time to think differently about succession planning, says Derek Smith.
As published in the ACCA's Accounting and Business magazine.
Phil Shohet explores the power of sport and good management in one of our Practice Management articles for the ACCA's Accounting and Business Magazine. In its appreciation of the performance-boosting power of management, sport leaves much of the business world trailing far behind...
Another in our practice development series for the ACCA's Accounting and Business magazine.
Keith Underwood explores whether the smaller practitioners may be fearful of what the future holds in a changing market and how segmentation may be key to a successful business model.
The Foulger Underwood team, led by Tim Underwood, advised Harry Hornby of Eagle Consulting on the sale of his business to The Equiom Group. Eagle Consulting is an Inverness based professional services outsourcing firm with an international client base.
Tim Underwood added ' I believe this is an excellent deal for both Eagle and Equiom and look forward to watching the Eagle business further flourish under its new ownership. We wish them much success in the future.'
Foulger Underwood have recently acted as exclusive advisors to Grant Thornton on the successful sale of a book of business from their Northampton office, including GT’s highly-regarded Midlands based medical sector.
