Business Expansion Services from threesixty
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“…increasing the profitability and value of the businesses we service…”
In this discussion, Phil Young, Director at threesixty, explains how threesixty’s new acquisitions service emerged in recognition of its clients’ ambitions. |
What prompted threesixty to put together a suite of services around acquisition in the first place?
We were already assisting clients with their business expansion through assistance via due diligence audits on potential acquisitions, recruitment of staff and advice on commercial aspects of the deal. We have also had a number of business owners within threesixty who were looking to retire but want to ensure that their clients are looked after by the right people. Our involvement with other threesixty clients, and confidence in them, gave us an opportunity to put them in touch with one another.
These were services which were clearly valued by the firms using them and we thought it was about time we put them together as a more formal package and let everyone know about them. We’re good at it and it really assists our clients, so it was a pretty easy decision to make.
What makes threesixty special in this regard, in comparison to other offerings in the marketplace?
threesixty has a fantastic reputation for service. This has made it a real breeding ground for quality IFA businesses, including those wishing to expand and develop and grow and we want to help them get to where they want to be. This kind of assistance is exactly where our focus is for 2007. The close relationship we have with our clients, and understanding of their business makes us better placed than anyone else to provide this kind of support. We place great importance on increasing the profitability and value of the businesses we service, so this is a natural progression for us.
What services are available for a firm looking to expand?
It’s probably best to break this down into acquisition and recruitment services.
threesixty clients interested in purchasing client banks or businesses register their interest with us so that we can alert them to potential opportunities when they arise. We regularly mail thousands of IFA businesses throughout the UK with details of the service and how to promote their businesses for sale. Those firms who register for sale are then added to our Extranet Sales List, for our purchasers to browse and contact to set up further discussions. It’s a very simple service but it’s generated such goodwill because we don’t take any fees for it.
In addition to the introduction, if the discussions go further we have template Sale Agreements which can be used as a starting point for negotiations and a number of firms have asked us to undertake formal Due Diligence Audits on IFA practices. This gives us the opportunity to lift the bonnet and have a real look at what you might be paying for, and is well worth the fee for peace of mind alone.
As for recruitment, we always receive a steady stream of CVs from IFAs, paraplanners and administrators looking for employment within IFA firms, which we pass on to our clients. We have now started advertising specifically for paraplanners throughout the UK on behalf of clients. Whilst we initially offer a simple introduction, our Compliance and T&C expertise has meant we have been able to really manage new recruits through the induction process and even check their advice if need be. The introduction is free and more formal recruitment assistance can be factored into our monthly retainer fee, so the costs are minimal.
How do firm’s register for the service?
Firms looking to sell or merge their business can register their interest and provide relevant information through our online registration form at www.threesixtyservices.co.uk.
This information is made available exclusively to threesixty clients, via the password protected area of our extranet. Interested buyers contact us for further information with a view to exploratory discussions, and we provide whatever support and guidance is required along the way.
It’s proven to be very popular, we’ve been surprised at just how many threesixty clients are looking to grow through acquisition at the moment. It’s definitely a service with a long term future.