Jonathan Jay speaks with M&A specialist Rob Goddard about buying a distressed accountancy practice, working with insolvency practitioners, protecting 45 jobs, and using the deal as a platform for a buy and build strategy.
Listen to the EpisodeEpisode 171 | Runtime: 30:50 | Audio Episode
Hear Rob Goddard explain how he moved from selling businesses to buying one, completing a distressed accountancy practice acquisition with 45 staff and a clear turnaround plan.
Episode
171
Runtime
30:50
Topic
Distressed accountancy practice acquisition
Format
Founder interview and acquisition case study
Three practical lessons from a real distressed acquisition and turnaround case study.
Rob had 20 years of sell side M&A experience, but still found that acquiring a business required different negotiation instincts, deal discipline, and buyer education.
Insolvency practitioners, valuation reports, TUPE consultation, cash on completion, and working capital all shaped the deal timeline and the risk profile.
Rob saw the accountancy firm as a cornerstone investment, with potential to add complementary services, acquire further firms, and build a higher value group.
This episode follows Rob Goddard, an experienced business broker and M&A adviser, as he explains why he moved from selling companies to acquiring one himself. After selling most of his shares in his brokerage business, Rob wanted to build a group of interrelated businesses without creating another operational job for himself. His target was an established company bought below market value, with clear scope for recovery and capital growth.
Jonathan and Rob discuss how the deal was sourced through insolvency practitioner channels, why six earlier attempts failed, and what made the successful acquisition different. The deal involved a 45 person accountancy practice with around 2 million pounds turnover, a long trading history, a retained owner for key relationships, and a need for fresh ownership after pressure from Covid related sector disruption.
The conversation also covers the operational realities after completion, including TUPE, staff consultation, immediate working capital, cash flow pinch points, the importance of a team day, and the role of the existing management team. Rob explains why the accountancy practice can become a keystone asset for a wider buy and build strategy across accountancy, tax, legal, IFA, coaching, and business advisory services.
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