Background
David Wright Accountants Ltd, trading as DWA, are a South Wales based Accountancy practice that are experts at helping their clients with their cloud accounting needs.
David Wright founded the business and was now if his late 60’s. DWA appointed Mustard as their trusted business advisers to help David to exit the business.
Challenges
DWA was a two-partner practice, with David Wright and Stephen Griffiths heading up teams that provided full accounting and tax services to businesses and individuals. David had founded the business in 1981 and was integrally imbedded into all aspects of the business; client relationships, practice management and team leadership. David and his wife Anne wanted him to have more time for his grown-up family and grandchildren, whilst David didn’t want to retire completely.
How we helped
Mustard’s first task was to agree some timelines, end goals and an action plan to achieve them. We agreed a plan for the three years leading up to David’s exit, where David would reduce to four days a week after one year, three days a week after two years and finally exit the business after three years.
Even though the business was well established and successful, through Mustard’s Diagnostic we identified the areas that would add most value to the company if they were improved. We took them through our 8 step programme, focussing on leadership, branding, customer service, people, operations and sales.
It quickly became apparent that their value proposition of being a modern, forward thinking, innovative firm that excelled in communications and customer service wasn’t being reflected in their branding. Their strapline of making accountancy child’s play wasn’t reflected in their brand. We introduced them to another one of our clients, Bright Collie, as their band agency.
We helped to identify members of the team with the potential to progress and coached and mentor them to become part of the senior management team. We instigated a program of introducing senior client managers to David’s long-established client base and agreed a handover schedule.
Simultaneously we looked at all aspects of the practice, fine tuning and improving where necessary through a continuous improvement procedure.
Outcomes
- The senior partners progressed from managing the business to leading the business.
- The senior management team grew in confidence and business expertise so that they flourished in their pivotal roles.
- David was able to leave the business with no disruption and with minimal financial impact.
- DWA was in position to go from strength to strength, despite the exit of its founder.
