We asked some of our referrers what was most important. Price? Experience? Results?
As Insolvency Practitioners, when it comes to being appointed to a job, we are either referred to the end client – usually by an accountant – or are appointed direct. Quite often, there might be more than one Insolvency Practitioner ‘in the running to be appointed’, and that is the same whether the appointment is for a Members Voluntary Liquidation, a Creditors Voluntary Liquidation, an Administration, or a Company Voluntary Arrangement. So, a key question is why do referrers choose to recommend us to their clients?
We asked some of our referrers that very question, and we highlight some of their answers in this article.
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What we asked – How do you choose Insolvency Practitioners
Very often, when a company is in financial difficulty, the first port of call is for the director(s) to talk to their accountant. If the accountant believes it to be necessary, they will refer the directors to an Insolvency Practitioner. All IPs are regulated by our professional body, but all insolvency practitioners are not the same. So, what is it that a referring accountant is looking for when making a recommendation? We asked the following questions to several of our current referrers:
“As a valued client/referrer of ours, we would be delighted if you could spare a few moments to help us with some research we are doing into why you choose to work with us at Antony Batty & Company.
What are the considerations you make when choosing an insolvency practitioner? Which of the following influenced your decision?”
- Reputation and Trust
- Price
- Expertise/Experience
- Quality of Service and access to Key Personnel
- The results/Outcomes that are achieved
- Having a practical approach
Perhaps more importantly, we asked them to put the above in rank order and then explain why, in a sentence or two, they had chosen to refer us. Not particularly scientific, perhaps, but the results were interesting, and we highlight three of the responses we received below.
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A Dorset based accountant ranked Experience/Expertise and Reputation/Trust highest
This firm’s three highest rankings were:
- Experience/Expertise
- Reputation/Trust
- The results/outcomes that were achieved
This is what they had to say about us:
“Antony Batty & Partners have an excellent reputation and staff with expertise and experience to assist companies and businesses at all levels.”
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An Enfield based accountant ranked Expertise/Experience and Results highest
This firm’s 3 highest rankings were:
- Experience/Expertise
- The results/outcomes that were achieved
- Having a practical approach
This is what they said this about us:
“A respected firm who are able to work with clients to achieve the desired results. Excellent access to key personnel who provide solid practical advice and support to both our clients and us!”
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A Croydon based accountant ranked Results Achieved highest
This firm’s 3 highest rankings were:
- Results/Outcomes
- Expertise/experience
- Quality of service and access to key personnel
This is what they said about us:
“ABc are very professional and close by for face-to-face meetings with both staff and clients whenever needed. They are a trusted advisor on insolvency matters, and are always willing to provide general consultancy and advice, and a company whom we can partner with for mutual benefit.”
Some Conclusions to Draw – It is not about price!
The three responses we have highlighted here are representative of all the replies we received in that Experience/Expertise and Results/Outcome were always represented in the top 3 of each respondent.
Interestingly, price never made it into the top 3. No one would ever say that price was not an important factor, of course, it is just that other factors play a bigger role, with the caveat of course, that the price is competitive.
We are very grateful to all of the referrers who responded, especially those we have quoted here. If you are an accountant/referrer and are interested in finding out more about our insolvency practitioners, please contact us or call us at any of our offices:
