Jo's first acquisition — a freehold property plus a client book, funded entirely by the seller at 2% above base rate over 20 years — remains the most remarkable deal in this series.
GUEST
Jo — Founder of Bell's Accountants; has completed five acquisitions in the accountancy sector.
EPISODE SUMMARY
Jo started Bell's Accountants 13 years ago and quickly realised her job was to win business, not do the work. Her first acquisition happened by accident — a referral through a mutual contact led to a meeting with an elderly practice owner who wanted someone to look after his clients and team, not a big cheque. He offered to lend Jo the £500,000 consideration himself, repayable at 2% above base rate over 20 years, secured against the freehold property. To date she has completed five acquisitions, all low-risk, deferred structures.
KEY TAKEAWAYS
▸ Not all sellers want a lump sum — some simply want a trustworthy buyer who will look after their clients and staff, and a steady income stream.
▸ Seller financing — where the seller lends you the consideration — is a real and powerful mechanism, and can come with very favourable terms.
▸ Looking after the staff in an accountancy acquisition isn't just ethical — it's commercially essential, because the clients' loyalty belongs to the people, not the firm name.
▸ The buyer, not the seller, typically drives the process post-heads-of-terms: be ready to lead on timelines, TUPE, client communication and systems migration.
▸ Acquiring practices at a lower multiple, then digitalising and systematising them, increases the multiple at resale — the same logic as property renovation.
▸ Trust is the deal. In many owner-managed businesses, the seller won't proceed until they believe in the buyer as a person.
DEAL HIGHLIGHT
A freehold property plus accounting practice, total consideration £500,000, funded 100% by the seller at 2% above base rate, repayable over 20 years — with the seller contractually preventing early repayment because he wanted the monthly income, not a lump sum.
"He said: would you mind if you effectively borrowed the money from me? Rather than going to the bank, just pay me off over the next 20 years."
Learn more: www.dealmakers.co.uk
