Surprising Findings in Succession Planning Survey
Written by
A live online poll conducted with over 90 attendees of the Lawson Delaney succession strategies webinar on 18th February provided a glimpse into the buying and selling plans of dozens of Victorian Accounting firms.
Approximately 30% of participants are looking at buying into a firm. Colm Reddy, Associate Director at Lawson Delaney commented, “There are a surprising number of ‘next gen’ Senior Managers and Salaried Partners eager to find the right home to buy equity. Contrary to myth, the appetite to buy-in is stronger than ever. Today, alone, we have over 20 such people in the webinar.”
35% of participants are Accounting firms looking to purchase fees. Good quality parcels have always been in demand and, on that score, nothing has changed.
The positive news is that 32% are looking at selling their equity, which balances out the supply demand equation.
The surprising statistic is that, for the overwhelming majority (73%), the timeframe has not been impacted by COVID-19, and for 14%, it has become more urgent.
“We have just facilitated three succession transactions and only one was accelerated due to coronavirus.” reports Guy Sigston. “Practices that are not digitised with remote work capability have certainly suffered over the last nine months in terms of productivity but, in the short term, are cash rich due to government support. With such support terminating shortly and possible further periods of remote working, these practices may well suffer.”
“The good news is that there is a healthy appetite from buyers and sellers, and this bodes well for achieving pleasing outcomes during 2021.”
Guy and Colm are available to discuss succession options. Please contact Guy Sigston on 0411 656 734 or email guy@lawsondelaney.com.au
Lawson Delaney is a leading executive search and professional recruitment firm based in Melbourne. We specialise in recruiting CEOs and leadership teams, and accountants of all seniorities for Accounting firms. Contact us on 03 9946 7300 or support@lawsondelaney.com.au to learn more about how we can assist you with a vacancy or new role today.
Written by