A Sole Practitioner's Succession Journey
- Colin Simkin
- Feb 1
- 3 min read
Selling an accounting practice can be a daunting process, especially after dedicating decades to building a thriving business in Victoria. Deanne Thomas, a seasoned accountant with 45 years of experience and a sole practitioner since 1998, recently embarked on the journey to transition her practice of 28 years.
Deanne is currently in the final transition phase, targeting completion around June 2026. Here’s her inspiring story and her journey through her practice succession process.
Why Deanne chose to work with Colin at ATL Network
Initial hesitation about geography (Victoria vs Queensland) was overcome by Colin’s in-person support and national reach.
Attending the Practice Succession Workshop, she hadn’t anticipated just how valuable the experience would be.
"I attended the workshop after I had already made the decision to sell, and I’m so glad I did,” Deanne said. “Not only did I meet Colin’s incredible team, including Nicky, who worked closely with me on the Information Memorandum [IM], but the information I gained during the workshop was indispensable. It gave me a clearer understanding of what was ahead and prepared me for the journey.”
The Process and the IM (Information Memorandum)
The IM accurately represented the practice and answered most buyer questions.
It became a central reference during buyer discussions, streamlining Q&A and due diligence.
Preparing the IM upfront saved significant time later and enabled buyers to submit informed offers.
Practical note: Deanne supplied CSV data; Nicky transformed it into a polished IM.
Staff and client transition
One of Deanne’s main priorities during the transition process was ensuring her loyal staff and clients were supported and set up for long-term success.
“My staff and clients are incredibly important to me,” said Deanne. “Many of my staff members have grown with me since they started, and they’ve become like family. It was essential that the buyer I chose would provide not just security but also career growth opportunities for my team.”
Very loyal team: one staff member ~35 years; most ~20 years’ tenure. Clients include some relationships spanning up to 45 years.
On Colin’s coaching, Deanne informed staff only once there was contractual certainty (after signing, not at heads of agreement).
Staff were “surprised but not shocked.” Deanne emphasised the merger’s benefits: larger firm, career growth, and safeguarding long-standing client relationships.
Advice for Other Practitioners
Be prepared ideally years in advance. Run the practice as if it’s always for sale.
Know your software and how to extract the necessary reports; get help from vendors if needed.
Tidy up key housekeeping items (e.g., debtors, WIP).
Expect a heavy workload alongside day-to-day operations; commit fully to the process.
Key takeaways
Early relationship-building with an advisor pays off when it’s time to transition.
A robust IM is a time-saver and decision-enabler for buyers.
Timing and certainty matter when communicating with staff.
Preparation, data discipline, and operational housekeeping make the process smoother.
Her biggest takeaway? “Throw yourself into the process and trust your experts. There’s a lot of work involved, you’ll still be running your practice while preparing it for sale, but with the right guidance, the result is worth it.”
Ready to Plan Your Practice Succession?
Whether you’re preparing to sell your practice or planning for a seamless retirement transition; take advantage of these key resources to position your practice for exceptional results:
Register for Our Practice Succession Workshop
Gain actionable strategies and share insights with peers while refining your plans for a smooth and successful transition.
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