What is the Small Practitioner Support Programme?
A service run by the Goldsmiths Group 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. The Goldsmiths SPSP service 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 Goldsmiths, 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?
Goldsmiths 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.