Don’t buy an entire practice. TEDd trade instead. Here are five reasons why TEDd trading beats a practice acquisition big time, every time.
1 – One Client At a Time
Buying an entire practice means integrating a large number of clients at once. That puts your firm under a huge strain and increases your churn. With TEDd, you transfer one client at a time.
2 – Get the Clients You Want
Most accounting firms for sale have a pandorium of clients. When you buy a practice like that, you pay for every client, whether you want them or not. With TEDd, you pick the clients you want and leave the rest.
3 – No Loan Needed
To buy an entire practice you take out a big loan with high interest rates, putting your cash flow under enormous strain. With TEDd, you pay step-by-step and client-by-client out of your running cash flow.
4 – Low Risk
If a TEDd trade goes wrong – not that it ever does – you have a small problem. If a practice aquisition goes wrong, you risk everything. You spent years in court, a fortune on lawyers, and risk losing your mental health, wealth and marriage along the way.
5 – Tweak the Edges
When you buy a practice, you have one huge transition, one chance to do it right. If you get that wrong, many of the clients you paid so much for leave. With TEDd, you learn and tweak the transfer process, one client at a time.
So these are six reasons why TEDd trading beats practice acquisition hands down. The problem is that you can’t test it to believe it. If you do a big acquisition and it goes wrong, you won’t survive to tell the tale.
So you have to take our word for it. Practice acquisitions are big beasts. If you get them wrong, you face losing everything, including your marriage and family.
But for what? For a practice where 50% of the clients are not even clients you want?
You can achieve so much more with TEDd at a fraction of the risk. Just TEDd trade and get the clients you want, and only the clients you want.
“Don’t buy an entire practice. The risk is too high, and the return is too low. TEDd trade instead.”
Name Withheld
Previous Director of an accounting practice in QLD