A solution for small practitioners looking to their future years. We look to match them with a local and usually larger practice through a flexible purchase agreement. This is run in conjunction with a nationwide network of select multi partner firms and sole practitioners looking to take in a retiring practitioner. We carefully select suitable practices to oversee all accounts production under the consultation of the sole practitioner providing a great stepping stone to eventual retirement. Whilst also giving continuation of care to their loyal and long term clients to ensure they are looked after not only for now, but in the future as well.
This service has supported many small practices who are ready to look to the future with an eventual exit within 5 years or so. We would always advise that you make contact with us in the early stages of your thought process as the successful fit does not generally happen overnight and with careful planning we can suggest the best solutions for you and your practice, as what may be a good solution for one practice may not be right for another.
Supported by both a trading agreement and a purchase agreement from the outset which would operate in the event of death, permanent incapacity, specific date or period of notice. The formula for the calculation of the goodwill value is incorporated within the agreement. There are many other benefits which are listed below and we’d be delighted to discuss these further with you and your individual circumstances.
The benefits of this service include:
- A stepping stone to retirement rather than from all to nothing.
- A continued income for the duration that you are with the other practice.
- No responsibility for running the practice, regulations and procedures.
- You still get to work with your loyal clients but work as a consultant.
- A guaranteed goodwill payment on a specific date or period in time.
- You get to start planning your next adventure with more time for family and hobbies.
- With an exit plan now, you are more assured of getting the best value for the practice rather than carrying on and losing clients along the way.
- Instead of working 7 days a week you will get quality ‘out’ time and ‘free’ days to enjoy outside of work.
- No Tie-in: Cancel at any time.
Frequently asked questions about this service.
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What is the Small Practitioner Support Programme?
A service run by the Goldsmith team in conjunction with a nationwide network of select multi partner firms and Sole Practitioners to provide small practices of up to three partners with a more practical means of disposing of their practice through a flexible purchase agreement. Goldsmith Practice Services Ltd carefully selects suitable practices to oversee all accounts production under the consultation of the sole practitioner providing a great stepping stone to his/her eventual retirement.
What documentation is required?
This great service is supported by assistance with creating the trading agreement and a purchase agreement from the outset which would operate in the event of death, permanent incapacity, specific date or period of notice.
Will I receive continued income and how much would it be?
You will receive continued income from your fee base for the duration of the trading agreement. The lowest we have ever seen is about 25% and the highest just over 50% of gross fees less VAT.
How long will it take and how will you go about finding the right fit for myself and my practice?
One you have registered with Goldsmith’s, we will ask you to complete a practice information form, which we will refer to when looking at practices for you, many of whom we know personally. We will generally look within a 20 mile radius of your location and will sometimes have options ready to you immediately. If this is not the case, then we would expect to be able to make an introduction to you within three months from meeting with you and to receiving your paperwork.
Do you work on the side of the buyer or seller?
Goldsmith’s are impartial and will make sure the deal is sustainable and profitable for both sides. We advise both the buyer and seller and can provide assistance with the documentation to help you through the process.
How long would I be expected to stay in the new practice whilst under the trading agreement?
This will be decided between yourself and the practice you have moved into. The typical range is between one and five years.
I have a few long serving staff and would like them to be taken care of, is that at all possible?
Sometimes the acquiring practice will be happy and keen to take on a key member or two of staff but this will be looked at from both sides.
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Small Practitioners support programme: A solution for sole practitioners and smaller firms looking to their future.
Goldsmith Practice Services Ltd have an economical way of acquiring for the small, medium and larger multi partner firms under the umbrella of our Small Practitioner Support Programme. In essence, we would ask that you take into your firm,a sole practitioner as a Consultant, move the fees into your practice and undertake all accounts production etc. This would be supported by a trading agreement and you would be required to set up a suitable arrangement at the outset to share incoming fees from the clients. We have also introduced two partner and three partner firms where at least one is looking for that ‘stepping stone’ to retirement.
In addition to the trading agreement, concurrently and at the outset we would request a purchase agreement to be set up. This would operate in the event of death, permanent incapacity, specific date or period of notice. The formula for the calculation of the goodwill value would then be incorporated in that agreement. Effectively, this does mean that the clients of the sole practitioner will become familiar with your staff and procedures and in due course when the practice is actually purchased, it is more likely that the clients will be sustained and full value received for both your practice and the outgoing sole practitioner.
Should you wish to take on the full Small Practitioner Support Programme, please contact us and the appropriate documentation will be sent. Please note that this is a monthly subscription service. In the meantime, below are the main benefits to membership of the programme:-
The benefits of this service include:
- We focus on a 20 mile radius of your office for small practices looking to retire.
- High potential to retain all the client base brought in with the Practitioner still with you for between 1 and 5 years.
- Local practice so fits with your location Economic way to acquire .
- Trading Agreement in place with an eventual purchase agreement.
- No large upfront costs.
- You own the fees from day one (the practitioner coming in is a consultant).
- Fee share on the work.
- Free access to Goldsmith’s Business for Sale and Wanted Service
- Bi-monthly Mergers & Acquisitions bulletins
- No Tie-in: Cancel at any time.
Frequently asked questions about this service.
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What are the costs on day one?
There are no upfront costs to Goldsmith’s. There may of course be some upfront costs on bringing someone in to your building. Payments to Goldsmiths are between 1 and 2% of the fees that you take in based on the annual turnover and payable monthly by standing order one month after completion of the deal. In the final event of the fees being paid for there are no fees from the Goldsmith Practice Service Ltd for the actual sale agreement being put in place.
Who owns the fees?
You do, right from the outset
When does the goodwill become payable?
On the death, permanent incapacity, a specific date or period of notice given to you by the practice that you have taken over.
Are there upfront fees from Goldsmith’s?
No, other than membership of the programme.
Do I have to pay a fee to Goldsmith’s when we eventually buy the goodwill?
No
If it doesn’t work out, how do I get out of it?
There will always be an exit clause that if it doesn’t work out, the practitioner will have the right to take the fees back and go elsewhere.
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