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Post Info TOPIC: Thinking of selling my business
Elaine R


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Thinking of selling my business
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Hi All,

I am thinking of quitting my bookkeeping and accounts business and just concentrating on my full time employment.

It's not a huge business but have a handful of clients.  My turnover this year so far is £3.6k.

I am finding it too much whilst working full time and also do not have experience to take on full accounts work so am very limited.

I am Manchester based and have 2 local clients the rest are done remotely.

Any offers?



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E Roscoe
Shamus


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Hi Elaine,

sorry to hear that you are moving away from the bookkeeping business. Is your full time employment related or something different.

Couple of questions that people may be wondering :

- what software do you use? (that people will need to buy)

- Do you run Payroll for these businesses

- What type of businesses are they? (Self employed? partnerships? Incorporated entities? CIS? Property?)

I know that we've got quite a few members in Manchester so I would expect quite a quick sale either as a whole or broken up (If you have any clients around South Staffs or Brum amongst your remotes I might be interested in taking those off your hands myself if you considered selling the parts rather than the whole... If so, might be an idea to post the remote locations).

When you have sold up, even if the day job is in a different field I hope that you'll keep posting on the site and not become a stranger.

kindest regards,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Elaine R


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Hi Shaun,

 

My employed job is accounts related but am looking for a new job as this one is just not satisfying me.

My business is a mixture of clients. Self-employed, sole Traders and Limited companies.

Software used, Quickfile and Freeagent. I also use VT cashbook for a small property rental client.

I do payroll for 1 client for just himself(ltd - director) and 1 due to start in the new year again just himself as director of limited company.

I have 1 CIS client in Birmingham but he just gives me his figures in an email.

I have a client in London who uses Freeagent. Sole Trader. Do his bookkeeping and Self-Assessment.

2 Limited Companies in Manchester. 1 with VAT returns and 1 without but 2nd one eventually may need to register for VAT. New company growing quickly.

Mobile Hairdresser in Liverpool who sends me her book every year. She is way below the threshold as she only does bits and bobs.

Hope this helps.

Throw more questions at me if you need anything else answering.

Elaine



-- Edited by Elaine R on Friday 18th of December 2015 03:13:19 PM

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E Roscoe
Cheshire


Master Book-keeper

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Hi Elaine
Sorry to hear that you are no longer having fun with your business!

Hoping that your enthusiasm for this returns soon

All the best,

Joanne

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
StuartAnder


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Hi Elaine I would be interested in the London one. Pm me if you still need someone to take him on Thanks Stuart

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Cheshire


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Get the impression Elaine has hd a change of heart Stuart and is now back in the land of loving bookkeeping.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Elaine R


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Hi,

I have got someone interested in my business. It's not a done deal yet but at the same time I seem to be getting more inquiries at the moment.

it's gone a bit mad so have taken on a little more work. Some of it is one-off jobs.

If it doesn't get sorted in April/still not enjoying/feeling stressed and i am still wanting to sell then I will be back in touch!

Elaine



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Elaine R


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Hi Stuart,

I have sent you an email regarding my London client.

 

Elaine



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E Roscoe
Cheshire


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-- Edited by Cheshire on Wednesday 24th of February 2016 07:40:38 PM



-- Edited by Cheshire on Wednesday 24th of February 2016 08:15:58 PM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
ruthn01


Newbie

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Hi Elaine

 

Just caught your post and I'd be very interested to learn more about you & the business.

Are you open to discuss today?

 

Thank you,

Ruth



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Philomena


Newbie

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Hello Elaine,

I would be interested in buying your fees.


Please can I drop you a line?

Thanks Tracy

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Elaine R


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Hi Ruth/Tracy

Sorry, Not been on the forum for a few weeks. Yes I can discuss with you.

You can contact me on elaineroscoe@sky.com



-- Edited by Elaine R on Tuesday 15th of March 2016 01:30:14 PM

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E Roscoe
Elaine R


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Hi,

Another question re selling my business.

How do I approach my clients and tell them I am looking to sell their work on?

What if they are not happy with this and just drop me?

I will lose out both ways. Lose the client income and also lose any fee I may have got for selling it on.

I have had a bit more interest so want to make sure I am doing it the right way for all parties involved.

Elaine

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E Roscoe
Cheshire


Master Book-keeper

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Quick one - in midst of piles of work!

Problem is that no matter when you tell them that you will always get some drop out - this will need to be reflected in the price agreed and more importantly the payment installments that you agree for the purchase fee. Most buyers will not pay in a one lump sum for the reason that dropout occurs or there are claw backs built in for such eventualities. The way you manage the process with your clients is key. They may decide its a good time to change Accountants, but you could sell the change on the basis of being around for x months for assistance to the new guys with any queries/the fact that you are able to hand over all your working papers which makes the transition so much smoother and easier for them as they would not need to do anything, other than amend the contact details of who they deal with (essentially).

No idea how big your business is - but it might be worth pricing up a broker to deal with all this.




__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Elaine R


Senior Member

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Ah right.

My business is teeny weeny. About £4k per year in turnover.

I have a couple of interested parties so I'll see how I get on.

Elaine

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E Roscoe
abacus12345


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May I ask the make up of your clients Elaine?

How many sole traders / limited companies do you represent?

Thanks

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