How iCompass chose the right direction
Updated: 6 hours ago
After two decades in the profession and 15 years building iCompass in Melbourne's northern suburbs, Anthony decided to sell. Here's how he navigated the practice succession process, and why cultural fit mattered more than the highest offer.
About the Practice
Anthony built iCompass into a thriving accounting practice based in Preston, Melbourne, with a team of 10 staff across Melbourne and the Philippines. The practice specialises in family groups and owner-operated businesses, traditional Mum and Dad enterprises with attached super funds and investment structures.
After two decades in the profession, Anthony was ready to transition out. But he quickly discovered that selling your own practice is very different from advising clients through the same process.
Finding the Right Partner
When choosing who would guide his practice succession, Anthony wanted more than a transaction.
"What always stood out to me about Colin was he was always very structured and very passionate. There was a sense of connection and involvement that was coming from him that I didn't feel existed with other parties."
Having met Colin nine years earlier at a business advisory session, Anthony already knew what to expect: a well-organised, client-first approach that mirrored how he ran his own practice.
"I'd receive information, read through it, and straight away I had a clear picture of the next step."
The Value of Being in the Room
Despite his experience helping clients buy and sell businesses, Anthony found comfort in having Colin attend every meeting with prospective purchasers.
"He had a style where he would always start the meeting off just to get it up and going, and the moment the ice broke, he then sat back and allowed the discussions to go. If anything ever dropped off or we went off in the wrong direction, he would pull us back."
The result? An easy, guided process that removed the pressure of navigating conversations alone.
A Thorough Information Memorandum
Working closely with Nicky on the Information Memorandum (IM), Anthony ensured the document captured what made iCompass valuable, particularly staff stability and the processes they followed.
"Nicky was always very pleasant to chat to, would go through the details, and highlight the gaps she was keen to fill to make it a very thorough IM."
The IM clearly represented the practice's client base, industry focus, and team structure, giving prospective buyers a clear picture of what they were acquiring.
Choosing Fit Over Price
Anthony met with six or seven prospective buyers. Some looked excellent on paper strong websites, impressive credentials but in person, it became clear they weren't the right match.
"When I walked in and met them, it was quite quickly identified that we were on different planes in regards to behaviours, approaches and personalities."
Ultimately, Anthony chose buyers who felt right within 10 minutes of meeting them, even though other offers were higher.
"It's definitely proven that it was a wise move to focus on the right fit."
Three months into a 12-month transition, Anthony and the new owners have found their groove, meeting clients together, transferring relationships smoothly, and operating as if they've worked together for years.
Communicating with Staff and Clients
Anthony kept the sale confidential until the very end; only he and his wife knew. His reasoning? Protecting his team from unnecessary worry.
"It was important that they don't get spooked by the idea that things are changing."
On announcement day, he timed everything deliberately: the new buyers came in the very next day to meet the team, answer questions, and provide reassurance. No time for concern to build. No room for uncertainty.
Would He Recommend Us?
"Definitely, yes. The support and the ongoing communications were fundamental to this being successful. Very much so."
Ready to Plan Your Practice Succession?
Download our comprehensive Practice Succession Guide. This step-by-step resource is designed to prepare your practice for above-market outcomes by laying a structured pathway towards successful succession.