Professional Practice Business Valuation
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Professional Practice Business Valuation

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What is a professional practice business? How is it different from other service business?

What is a professional practice business? How is it different from other service business?

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Professional Practice Business Valuation Professional Practice Business Valuation Presentation Transcript

  • PROFESSIONAL PRACTICE HOW TO VALUE Friday, 5 July 13
  • By professional practice we mean Dental and Medical Practices, Accounting and Law Firms, Engineering Consulting Companies, Architects, and other professional service firms. There are key differences between professional practice and other service businesses. Professional Practice Friday, 5 July 13
  • Difference Between Professional Practice And Service Business Price Sensitivity - The cost of the service is not as sensitive as non professional businesses. - Client usually value their professional advisor so highly they will pay what it is worth to get the right advice. Friday, 5 July 13
  • Difference Between Professional Practice And Service Business Difference Between Professional Practice And Service Business Professional Reputation And Skills - Professional people rely on their skills to attract business. - In the early stages of the professional firm this is the key driver of the business. Friday, 5 July 13
  • Difference Between Professional Practice And Service Business High Intangible Asset Base Since all assets within the professional firms are intangible, the owners must come up with a way of making those assets transferrable. Friday, 5 July 13
  • Difference Between Professional Practice And Service Business Client Relationship And Practice Sale - Because of the nature of the client relationship, there is a high level of goodwill and trust flowing in this relationship. - As much as possible the owners must endeavour to make the relationship with the firm as important as the relationship with the person. Friday, 5 July 13
  • Difference Between Professional Practice And Service Business How To Built Value Into The Firm - The way to build value into the firm is to standardise the service offering, systemise the business and then show that there is a “Service Ethic” running through the firm. - Its a bit like a franchise – you get treated the same way no matter who you are dealing with in the firm. Friday, 5 July 13
  • Difference Between Professional Practice And Service Business From Person To Brand Building the business in this way ensures that a purchaser or investor will feel comfortable that this level of service will be provided no matter who is providing it. Lawyers Inc Accountancy Partners Friday, 5 July 13
  • Difference Between Professional Practice And Service Business From Private To Public Staff will want to buy shares in the entity and investors will be interested in buying in to the firm. This way you have overcome the problem of realising value when selling a professional service businesses Friday, 5 July 13
  • Difference Between Professional Practice And Service Business Referral When your professional practice becomes a brand, you will attract more clients, grow your business and provide a nice nest egg for your retirement Friday, 5 July 13
  • For Advice On Business Valuation BCI Business Brokers Tony Arena (Managing Director) 3/1 Alexander Street, Crows Nest, NSW, 2065 Phone: +61 2 94393399 Mobile: +61 411888148 tarena@bc.com.au www.bc.com.au Friday, 5 July 13
  • Maximise Business Value www.bc.com.au/maximise.html Friday, 5 July 13
  • Free Consultation Find Out What Your Business Is Worth Now www.valueabusiness.com.au Friday, 5 July 13