Chan & Naylor expands with joint venture
Chan & Naylor is continuing its expansion strategy through the official launch of a joint venture partnership (JVP) in Brisbane.
iv>The new office is the result of two JVP agreements with accounting firms Edwards Collins Group and Burgess & Co operating as Chan & Naylor Accountants Brisbane, after being formalised earlier this year.
Chan & Naylor chief executive John Harriott said the growth of his company’s JVP is a positive sign in the face of growing consolidation in the industry.
“Industry consolidation and the emergence of several large sovereign players is a genuine concern for independent accounting firms and their clients,” Mr Harriott said.
“In direct response to client demand our intent is to provide a holistic one-stop accounting and financial advice service in more major metropolitan and regional centres around Australia.”
Chan & Naylor said its JVP allows firms to join a national brand while retaining control of their business.
Mr Harriott said it provides commercial benefits to smaller firms that they would often be unable to access, such as marketing, outsourced IT, HR, regulatory support and succession planning.
“Less than a year into our 'go to market' strategy, Chan & Naylor continues to be in a position to offer firms the opportunity to consider joining a national brand in a joint venture arrangement,” Mr Harriott said.
“This is based on Chan & Naylor investing in an equity share and driving mutual growth whilst the Joint Venture Partner retains operational control of their business and client engagement.
In addition, Chan & Naylor has started a new small business auditing service, C&N Audit Services.
Mr Harriott said the auditing capability will allow the company to better address the broader commercial needs of small business clients.