Ready yourself to Merge.

by Kev Ryan

With the average age of practitioners in public practice steadily rising, sixty plus year old ‘baby boomers’ are now considering their future options and what the next three to five years leading up to their retirement will look like.

There are a number of issues facing these practitioners and obviously each individual’s personal circumstances are unique. Some matters to consider, whether obvious or not, are common to all however. Quite often practitioners address these issues far too late and often at their peril.

Preparing your practice for merger (or sale) is a significantly different process compared to preparing yourself.

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For the first time, put yourself first.

by Kev Ryan

For most practitioners their working life has been about caring for others.

Understandably as business owners they toil away to provide for their families.

Practitioners also build businesses that support their teams providing them with security of employment and income, often paying themselves last. They invest heavily in their professional team members at their own cost. As a consequence, this results in the advancement of the Accounting Industry as a whole, largely due to the fact that team members often move on to other firms or establish their own practices.

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Q&A with industry leader Colin Dunn, Panalitix Director & Chief Innovation Officer

by Kev Ryan

MtR’s Kev Ryan sat down recently with Colin Dunn who was kind enough to give his thoughts and opinions on a couple of key questions.

KR – In dealing with accountants all day everyday, are you seeing much chatter amongst the 60+ year old accountants about wanting to wind back, sell & retire?

CD – Absolutely. Time creeps up quickly on everyone and the age of 60 is a definite trigger point to start thinking about retirement or selling the firm. Unfortunately, however, few firms (especially small firms) plan for this.

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Ron says if you can afford to retire, do it!

by Kev Ryan

This is the advice of recently retired accounting practitioner Ron Webb.

Webb sold his majority share of a two partner suburban accounting business in Brisbane and is enjoying life after switching off the calculator and saying goodbye to timesheets.

In an interview with Transition Planning Australia founder Peter McKnoulty, Webb discussed the factors that led to his decision to retire and sell his business.

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