Being made redundant from KPMG set the stage for a new chapter in chartered accountant Chris Brown’s career. The breakthrough came through a LinkedIn post. Brown openly asked if anyone knew of a practice looking to sell up, perhaps due to retirement. The response was unexpected. “I got a phone call completely out of the blue.” A contact’s father was looking to exit his practice.

In his 80s, the seller had kept a strong client base, including two multimillion-pound businesses. “It wasn’t huge, maybe £50,000 to £60,000 of fees,” Brown says. “But I thought: that’s going to get the ball rolling.” The deal also came with an office, giving his fledgling business a tangible base and springboard for growth.

That first acquisition set the tone for what was to come: transforming traditional accountancy practices into modern, digitally enabled firms. “I quite enjoyed that transformation piece,” he says. “Taking something good, but making it even better, helping more clients and creating a better environment for the team.”

Advertise your interest

From that point, acquisitions became a key strategy. Brown reached out directly to local firms through mailshots and brokers. A woman then found his letter among her late grandfather’s papers. “She said: ‘We’ve got some clients, we don’t know what to do with them,’” he says. “So, we picked up a couple of clients that way.”

The most significant leap came in May 2023, with the acquisition of a long-established firm in Kendal, Cumbria. It was a daunting step; the practice was double the size of his existing operation in Thornton, Lancashire. “I thought: there’s no way we’re going to be able to fund this.” But after exploring finance options, the deal went ahead.

Define your goals

Assessing the value of an acquisition is clearly critical. Understanding your goals will define which practices complement your strategy. It’s vital to enter the process with a clear vision. Brown prioritises compliance and client profile. “If they’re doing compliance well, great. Then we can bolt on our advisory services,” he says. Brown & Co has added services from financial advice to commercial funding, raising over £2.5m in loans for clients in recent years.

Other considerations include client size, stability, and growth potential. “If the turnover of the target practice is steady, even without growth, I see that as an opportunity,” Brown says. “We also look at the average fee per client as another good indicator of the strength of the overall client base.”

Legal structures are fairly standard, with staged payments protecting buyers if clients leave. “It’s a steady industry. With compliance work, you know you’re going to have a good retention rate if you look after clients.”

Take a gentle approach to integration

The Kendal office came with 10 staff: older, experienced, and set in their ways. “That was the biggest challenge,” Brown says. “A different region, a mature team, very certain ways. They’d always done it like that, and they were a little unsure about how it would work.”

The cultural integration proved demanding, and this is where many acquisitions, large and small, can result in a loss of value. In Brown’s case, it accelerated his vision. “When we first came in, we thought: let’s just leave everything, get the lay of the land, understand the team and client base,” he says. Over time, the firm was rebranded under Brown & Co, its systems modernised, and processes aligned with the Lancashire office.

Digitalise processes

Today, Brown & Co has around 1,000 clients and 25 staff across its two offices. Roughly 80% of its operations are now paperless. “At our first acquisition, we’ve scanned absolutely everything confidentially, disposing of about 60 bags of old files.”

Digitalisation, however, has been uneven. Farming and agricultural clients in Cumbria still prefer paperwork. “It's been a challenge, as many in the team resisted change and found it difficult talking to clients about the benefits of working with digital tools. But we’re using the digital tools, and we’re talking to them more now.”

Brown was clear about the model he wanted to build, combining the technical capability and network of a big firm like KPMG with the personal touch of a small practice. “We can do anything to help clients, whether we do it ourselves or bring in others. But we’ve still got that small firm approachability.”

Empower your staff

One of the defining features of Brown’s approach is empowering his staff. This is significant when considering acquisitions. How you want to set up the business structure – traditional partnership model or owner-led – will define your recruitment, pay structure and ultimate goals.

In his case, Brown rejected the old model where only partners handled client relationships. “I never wanted that. We’re building a structure where the whole team talks to the clients. That keeps them stickier and empowers the team.”

For many staff, the shift has been transformative. “I’ve had senior team members who had never met clients before. Now they’ve got their own portfolios. I’ll coach them through the first few meetings, then they run with it.” 

Clients also often prefer dealing with younger team members over the founder himself. “They get invited to socials with the clients, and that’s how it should be.”

For now, Brown is focused on consolidating what he has built, strengthening both systems and his management team. But his ultimate ambition is succession. This is another vital consideration when acquiring other firms. “I’d love to do a management buyout,” he says. “Where the team that’s grown with the business run with it. That would be my ultimate goal.”

Acquisitions are time-consuming. Despite the hard work, Brown has no regrets. “I’ve never worked as much in my life,” he says. His journey shows how resilience and an eye for opportunity can reshape a career and a region’s accounting landscape.