Managing Change

The current issue relates to the high proportion of baby boomers endemic throughout the profession. Back in the 1980’s Goldsmith’s was providing funding for the current owners of practices to either buy an entire firm or become a partner. Over 30 years on, we are now looking at retirement issues.

The whole focus of Goldsmith Practice Services Ltd is now centered around this whole issue. For example there are something in excess of 17,000 qualified sole practitioner practices in England and Wales. The vast majority are now looking forward (or not as the case may be) to retirement.

Multi partner firms have the same issues, but instead of having just one person to make decisions there are a number.

Managing change is one of the most difficult areas to be undertaken by a practice, whether you are a sole practitioner or a partner in a multi partner firm. There is the fear factor to be considered. There are financial issues, and in respect of multi partner firms the needs and requirements of your co–partners.

Goldsmith Practice Services Ltd have considerable expertise in managing this change and discussing with you how best to achieve a positive result and outcome given the circumstances. In particular we are of course looking at the merger and acquisition of practices. For a sole practitioner this is fairly straight forward, you either can or can’t go and all decisions are in your hands. We have a number of ways of helping a sole practitioner to either sell and go, buy another block of fees, an entire practice or indeed stay in practice but without the same responsibility and have a guaranteed exit route. All this developed by Goldsmith Practice services Ltd.

For the multi partner firms we offer our consultancy service. Not only have we spent nearly 30 years meeting practices, we have chartered accountants within the group who are highly qualified in helping manage change having either been through it themselves, or been working on the project for many years. We understand and help you with the issues involved.

We look forward to hearing from you