From feeling stuck to financially free: Victoria’s journey
Article by: Chris Sheedy OF The Hard Word
Having recently returned from a four-week holiday to Europe, Victoria Berry is very happy with the situation of the firm she once owned.
Her staff are well managed and happy. Her clients are confident and comfortable with the level of attention and expertise they’re experiencing. Even the hundreds of daily emails to the business are being looked after … by somebody else.
“It’s something that most business owners can only dream of, really,” Victoria says.
It certainly wasn’t always this way.
Not long ago, Victoria’s firm went from three partners to two. Soon after that, the other partner fell ill and was unable to assist in decision making.
“I went through 12 months of trying to run the practice on my own, but couldn’t implement any changes, which was pretty tough,” Victoria says.
“Then, during a weekend away with my husband, I made the comment to him that I wasn’t really happy in the business, that I was sick of feeling stuck. He said, ‘Why don’t you just sell?’. And I said, ‘Yes, why don’t I?’”
That’s when she rang accounting firm transaction advisor Kev Ryan, from KevRyan.
Splitting the sale in two
Victoria had known Kev for more than a decade, having crossed paths with him at conferences and professional events.
“When the time came to sell, Kev was the natural choice,” she says. “I felt comfortable that he had the contacts and the knowledge to help me do the deal.”
Kev remembers it the same way. “Victoria already had a strong, successful business. My role was to take away the roadblocks, both practical and emotional, that were stopping her from moving forward,” he says.
The sale turned out to be more complex than expected, with Kev having to call upon all of his transaction experience to come up with a solution.
Victoria’s firm had offices in Gympie and the Sunshine Coast, and buyers were reluctant to take on both. Realising that was damaging the opportunity for a deal, Kev guided Victoria through splitting the client base into two separate transactions.
“Kev introduced me to various firms, talked through their pros and cons, and made sure I was comfortable every step of the way,” she says. “We ended up selling the Gympie clients first, to a local firm.”
“When that was finalised, we worked quickly on the sale of the Sunshine Coast clients. We met with three to four different firms to feel each other out. Both outcomes were a great cultural fit.”
Between January and October of 2024, both deals were done.
Victoria is now working three days each week with the acquiring firm from the Sunshine Coast, with a lot less stress and a lot more time for what she loves most – keeping clients engaged.
“Now I get to focus on the fun stuff,” she says, “I get to talk strategy with clients about growth, tax planning and their own succession planning. I’m not weighed down any more with admin, HR or marketing.”
What’s the value of a transaction consultant?
Looking back, Victoria says she there’s no way she could have achieved the same result without Kev’s guidance.
“Through the whole process he held my hand,” she says. “He spoke to various interested buyers, to my solicitor, made sure I understood everything and kept the process moving.”
“Having someone who isn’t emotionally attached to the business negotiating on your behalf, and someone who knows a whole lot more than you do about the process, makes all the difference.”
Kev says the value of a transaction consultant who has your best interests at heart is of obvious value.
“Most accountants only sell one business in their lifetime,” he says. “But the buyer potentially does deals every year. So, my job is to level that playing field, to get you the outcome you deserve.”
It’s important to know when the time has come
That feeling Victoria originally had, the sense of being stuck or trapped, is not at all uncommon, Kev says. Most business owners will feel that way at some stage.
What’s important is that the accountant is prepared once they do feel that urge to begin planning an exit.
“Our unique discovery phase is what I think sets our shop apart,” Kev says. “We don't make a single buyer approach until I know we have our client prepared.”
“Importantly however, in addition to having the appropriate data and information ready to present, we ensure our vendor client is mentally prepared and committed to the sale process and understands what life will look like, post completion.”
That’s important, because it can create the difference between a healthy, happy and financially secure transition to retirement, and a frustrating and sometimes unsatisfying end to a career.
Victoria’s story, for example, is not just about business transition. It’s also a tale of personal renewal. She’s travelling and enjoying family life, and is even serving as the first female president of her local surf lifesaving club.
“I’ve got time back and I’ve got energy back,” she says. “Selling was the best decision I could have made.”
“My son said the other day, ‘Mum’s a whole lot less grumpy since she sold the business.’ And he’s right. The weight off my shoulders is incredible.”
For accountants who feel stuck, the message is clear – that sinking feeling could be the start of something so much better. And if you do decide to sell, make sure you have the right adviser in your corner.
“Selling your firm doesn’t have to be an ending,” Kev says. “With the right plan, it’s simply the beginning of a really great, new chapter.”
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