Find out how
W Richards Partners* is an 8-partner accounting practice which has been in operation for over 30 years.
Due to a number of changes to the partnership structure, the practice needed to restructure their capital accounts so each partner had an equal balance.
Bank of Melbourne was able to provide a $1.3m loan against the practice’s debtors and work in progress, providing replacement working capital and term facilities to the practice.
We also provided three partners with $200k business loans to increase their capital account balance, giving them equal partnership status.
Taking advantage of Bank of Melbourne’s full product range, W Richards Partners also has its trust accounts, employee superannuation, leasing facilities** and corporate credit card banking with us. Consolidating all their company finances with us has resulted in a very competitive pricing structure for them.
Coupled with restructuring their company finances, we also provided the practice’s staff with workplace banking packages offering savings on transactional accounts, home loans and investment loans. This assisted the practice in offering staff a tangible value add, helping them to attract and retain quality employees.
Back to Accountants specialisation.
*The practice depicted in this scenario is fictional, however is representative of a number of Bank of Melbourne customers.