Private Sale or Market Process? The Point Most Owners Miss

A private sale of an accountancy practice can make a lot of sense. Often the buyer already knows the vendor. A neighbouring firm, a former staff member, another accountant who has quietly mentioned interest over the years. There is trust already. The conversation feels simple. It can look like the cleanest way to handle succession.

And sometimes it is.

Where private sales get difficult is rarely at the first conversation. It is later, once the price has been agreed and both sides start working through the detail. The price sounded fine. Then the questions arrive.What exactly is included? How long will the vendor stay? What happens if some clients do not transfer? When should staff be told? How much support does the buyer expect? Is the vendor funding part of the purchase price? Is the restraint fair and workable? And is this buyer genuinely ready, or just interested?

None of these questions are unusual. They come up in nearly every practice sale. But in a private discussion, with no process sitting between the parties, they can start to feel personal. That is the part owners underestimate.A practice sale is not just a sale of fees. It is a handover of relationships, staff confidence, client trust, systems, and goodwill built over many years. Even when the buyer is a good fit, the transaction still needs structure. The real question for a vendor is not whether a private sale is good or bad. It is whether the process gives you enough clarity before decisions become hard to unwind.

Sometimes the one buyer is the right buyer. Often the market would have produced a better option. Vendors tell me this after the fact more often than you would think.

The important thing is knowing the difference before committing too far. That is where early advice earns its keep. Not to make the process bigger than it needs to be, but to make sure you understand the likely market response, the common pressure points, and the issues that should be settled before a deal is treated as done.

A quiet private sale can still be a good sale. A market process with more than one buyer will often achieve a better one.

Source of information: general market observations from accountancy practice sale discussions. Licensed REA 2008. Copyright Barker Business Brokerage Ltd 2026.