Accounting firm Chan & Naylor will launch a new business model as part of an aggressive strategy to boost practice numbers to as much as 50 within the next three to five years.
The group, currently with seven practices, will shortly offer a new service model for independent accounting firms interested in forming a partnership with Chan & Naylor.
“Chan & Naylor has spent years developing its reputation and extensive service portfolio, so it makes sense that we now use that investment as the foundation for our future growth,” Chan & Naylor chief executive Sal Carrero said.
“We are about to introduce a ‘hub and spoke’ information system that will enable us to share the company’s already extensive suite of services and expertise, particularly in the areas of credit, financial planning and tax where compliance can be a real challenge for smaller firms.”
Carrero said the partnership model is also expected to appeal to accounting firms whose senior partners are considering their near to medium term succession plans.
“For specialist accounting firms successfully building and then selling your business in Australia can be an onerous task,” he said.
“Being part of a larger partner network will negate this issue by broadening a firm’s capabilities as well as providing the option of prospective buyers from within the Chan & Naylor partner network.”
To support the strategy, the firm has appointed Karnig Momdjian as its new chief operating officer.
Momdjian will be responsible for designing, deploying and managing Chan & Naylor’s knowledge connect information platform, which will share information on topics including accounting, financial planning, investments and self-managed superannuation funds.
Momdjian was formerly a director of information technology with Deloitte and has been an accountant.
