After two or so failed attempts to buy block fees of around £100k, I managed to sign a deal for a fee bank of a smaller amount.
Most of my very stressful week was spent on adding the fee bank clients to our client pool.
Since the damn aging process is not on my side, I wanted to buy instant growth for some time. Thankfully, the fee bank purchased is smaller than £100k. On reflection and with my new experience, I do not think; I would have been able to handle £100k fee bank purchase.
The fee bank purchased, is too similar to FT Practice Ltd. Though, as you know, you cannot get a 100% perfect fit when it comes to block fee purchase.
I am not practice born and bred. It is still a new world to me. On reflection, the purchasing process could have been handled a lot better by me. I was too concerned that I would miss out on the deal.
Since the date of contract signing, I have been going through mixed emotions on the purchase. I think this is normal. It will continue for the next few weeks. Both parties are making sure that clients do not jump ship.
I so want the deal to be a success. In other words, client retention of at five years. The first year’s fees will be used up in paying for the fee bank.
To be fair to the sellers, they are very helpful with the handover. Both parties want to make sure that the deal will be a success.