Anton Accountancy Ltd Bill and Joe own a chartered accountancy practice in Wellington. They are both Chartered Accountants and are partners in the business. Each of the partners owns 50 per cent of the business. They trained in accounting together, spent five years overseas and returned to New Zealand to settle into a career. After initially working for other accountants, they decided to open their own accountancy business and in 1986 founded Anton Accountancy Ltd. Joe has recently told Bill he wants to retire within the next 12 months. Whilst this concerned Bill, he also saw Joe’s impending retirement as an opportunity to review the direction of the business. During a recent telephone conversation with his daughter Samantha (Sam), Bill told her of Joe’s decision to retire. Sam, Joe told me last week that he is going to retire by December. I really think the timing is right for you to think about moving back to New Zealand.” Sam has been living in London for a number of years working as a business consultant. She has a double degree in Marketing and Management from her studies in Christchurch. Her husband Leo, a fellow Kiwi, also works as a business consultant. Both Sam and Leo have been considering returning home; in past visits, they had talked to Bill about Anton Accounting. Bill suggested that Sam and Leo think about buying into the business, now that Joe had decided to retire. The business is busy and if Sam and Leo do not decide to take up the offer, then Bill will need to find another partner or partners to replace Joe. Sam and Leo discussed Bill’s offer. They could afford to buy into the business due to the money they had saved while working in London. Sam had some concerns about the direction of her father’s business; she knew that profitability had declined in the last three years; also whether their moving back to New Zealand would complicate both the business and family relationships. There had to be some formal planning if such a change was to be considered. be addressed by the partners, the staff take these to Sally, the Office Manager, and she then passes it on to the partners. From time to time, the partners will interact with staff but, as

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