Thinking about what comes next: reflections on handing over a fiduciary firm in Switzerland

The essentials in 3 points:

• Handing over a fiduciary firm is not just a financial transaction. It is a human reflection — on what you have built, the staff you have trained and the clients who have trusted you for years.
• Three moments trigger this reflection: a personal event, a change in the market, or simply the realisation that you no longer have the same energy for the next technological cycle.
• Before starting any discussion — with a buyer, a partner or an integration partner — five questions deserve honest consideration. This article explores them.

I ran a fiduciary firm for several years before founding Sequence. I did not discover the question of handing over a fiduciary firm in Switzerland in an industry report — I lived it. First as a distant thought, then as a subject that asserted itself with quiet clarity. Not because anything was wrong, but because the profession is changing, and you need to be clear-eyed about the future you want for it.

This article is not a sales guide. It contains no magic formula, no quick checklist for “maximising exit value”. It is a reflection I am sharing with those who, like me a few years ago, are beginning to think about what comes next.

Why the succession question is arising now in French-speaking Switzerland

Switzerland has around 750 active fiduciary firms (source: Fiduciaire|Suisse, annual report 2024). This figure has been stable for a decade, but the demographic make-up of these firms has not.

According to industry estimates, around 30 % of fiduciary firm leaders are over 60. In French-speaking Switzerland — in Geneva (GE), the canton of Vaud (VD), Neuchâtel (NE) or Valais (VS) — this proportion is comparable, or even slightly higher in firms with fewer than ten staff.

This is not a problem in itself. It is a structural fact. And like any structural fact, it calls for reflection rather than a reaction.

Three developments make this reflection more relevant than it was ten years ago:

• The acceleration of technology. Artificial intelligence, the digitisation of banking data flows and portals such as AGOV or Swissdec are no longer pilot projects. They are redefining a firm's day-to-day tasks. Investing in these tools requires energy, capital and a vision spanning at least five years.
• Pressure on margins. Pure bookkeeping mandates — historically the revenue foundation of many firms — are being squeezed. SME clients want advice and strategic support, not just accounting entries.
• Generational renewal. Young graduates entering the fiduciary profession have different expectations. They want modern tools, smooth processes and remote working. A firm that does not offer these struggles to recruit — and without a new generation to take over, a handover becomes more than an option.

None of these developments is an existential threat in the short term. But together, they paint a landscape in which the question “what next?” deserves serious consideration.

The three moments when a handover becomes a real option

In my experience — and in the conversations I have had with dozens of firm owners — a handover is not a project you plan rationally from the outset. It emerges at specific moments.

1. The personal event

A health problem. A partner's departure. A divorce. The death of a fellow professional. These events, sometimes sudden and harsh, force you to step back. You suddenly realise how closely the firm depends on you — on your client relationships, your presence, your signature. And you ask yourself: what would happen if I were no longer here tomorrow morning?

This is not scaremongering. It is taking responsibility for your staff and clients.

2. The technological turning point

The moment when you realise that the next investment cycle — migrating to an AI platform, training the team, redesigning processes — represents a commitment of three to five years. And that you may not have the desire or the energy to see it through.

I have experienced that moment. It is not an admission of failure. It is an honest observation: steering a technological transformation at 62, on your own, with a team of six, is not the same as doing it at 45.

3. The pull of advisory work

Many fiduciary professionals I meet share the same observation: what they love about their profession is the advisory work, the client relationship, the strategic support. What they no longer enjoy is the firm's administration, recruitment, IT maintenance and regulatory updates.

In this case, a handover is not an exit — it is a liberation. The leader often remains active, but within a framework where someone else takes care of the infrastructure.

Five questions to ask yourself before any conversation about fiduciary firm succession

Before talking to a buyer, a broker or a potential partner, I recommend taking the time to answer these five questions — with complete honesty, even if the answers are uncomfortable:

1. What do I want to preserve?
   The clients? The jobs? The firm's name? Its culture? My advisory role? Everyone says “everything”, but in practice, you have to prioritise. If preserving jobs is non-negotiable, that rules out certain scenarios. If personal freedom comes first, other doors open.
2. How dependent is the firm on me personally?
   If 60 % of revenue rests on personal relationships with clients who follow me rather than the firm, the valuation will be different. So will the transition. That is a fact, not a judgement.
3. What is the true state of my infrastructure?
   A firm whose accounts still run on software installed in 2011, with Excel files alongside it, does not have the same value as a digitised firm with documented processes. It is not a deal-breaker — but you need to be aware of it.
4. What timescale suits me?
   Some leaders want to leave in six months. Others want a transition over three years. Both are legitimate, but the deal structures are radically different. An earn-out over 36 months is not the same as an outright sale.
5. Who do I want to talk to about this?
   An M&A broker? A trusted fellow professional? A professional network? Someone who knows the profession from the inside? The quality of this first conversation often determines the quality of the entire process.

There is no “right” answer to these questions. But asking them creates room for clarity that is often missing when you go straight into the mechanics of a transaction.

Sometimes these reflections deserve an attentive ear — someone who knows the profession, without an immediate commercial agenda.

A confidential conversation with Blas →

The possible paths: internal buyout, merger, integration

There is no single handover model. In French-speaking Switzerland, I mainly see four routes, each with its advantages and realities:

The internal buyout

A senior member of staff or a partner buys the firm. This is the preferred scenario for many leaders because it ensures natural continuity — clients keep a familiar face, and the team remains stable.

The difficulty: few staff have the financial means for a buyout, even a partial one. And bank financing for the acquisition of a fiduciary client portfolio is not standard in Switzerland. A vendor loan (seller financing) over several years is often needed, tying the two parties together for longer than expected.

A merger between firms

Two firms of similar size merge to create a stronger entity. It is elegant on paper, but in practice, merging two cultures, two IT systems and two client portfolios is a difficult exercise. I have seen mergers succeed brilliantly — and others become bogged down in governance issues for years.

A sale to an external third party

An external buyer — another, larger firm, a fund or a group — buys the firm. This is the scenario that generally offers the clearest valuation, but also the one that causes the most concern: what will happen to my team? To my clients? To my name?

Valuation multiples for a fiduciary firm typically range between 2 and 4 times adjusted EBITDA (gross operating surplus adjusted for the leader's market-rate remuneration). In Europe, the Interfimo benchmark (France, 2022) gives a median multiple of 2,8x for accountancy firms, but this figure varies considerably depending on the quality of the portfolio, the recurring nature of engagements and dependence on the leader. In Switzerland, transactions are rarely public, so valuations remain confidential — but the order of magnitude is comparable for firms in French-speaking Switzerland with 5 to 15 staff.

Integration into a group

A more recent model: the firm joins a group that provides the technological infrastructure, processes, recruitment and support — while the leader retains their advisory role and client relationships. It is a middle path between an outright sale and continuing as before.

This model works particularly well when the leader wants to free themselves from the operational burden but is not ready for full retirement. It also allows them to solve the technological equation without shouldering it alone.

How the arrival of AI platforms changes the fiduciary succession equation

I am not going to pretend that technology is neutral in this reflection. It is not.

Artificial intelligence applied to accounting — automatic document recognition, categorisation of entries, bank reconciliation, pre-generation of VAT returns — is transforming the cost structure of a fiduciary firm. Tasks that accounted for 50 to 70 % of a junior member of staff's time ten years ago are becoming partially automated.

This has two direct consequences for a handover:

For the seller: a firm that has not begun its technological transition will be harder to hand over. Not because it has no value — its clients, engagements and expertise remain valuable. But the buyer will need to invest in modernisation, which is reflected in the price.

For the buyer: access to a high-performing AI platform reduces integration risk. The buyer knows they can migrate engagements, standardise processes and offer an attractive working environment for the staff they take on — making retention easier.

Technology is not the central issue in a handover. People are — always. But it has become a factor that accelerates or slows down the process. And in the current environment, where modernised firms find it easier to attract qualified buyers, ignoring this dimension would be a blind spot.

To explore the question of modernisation further, I have shared my perspective in a dedicated article: The modern fiduciary firm: 4 levers for modernisation.

What I wish someone had told me

When I went through this reflection myself, I wish someone had told me three things:

First, that it is normal to hesitate. Handing over a firm you have built — or received from someone who built it — touches something deep. It is not a property transaction. It is relationships, habits, a professional identity. Hesitation is not indecision. It is respect for what has been achieved.

Second, that there is no perfect timing. There is always a reason to wait: a major engagement under way, a tax year to close, a member of staff to train. If you wait until everything is “ready”, you never start. The right question is not “when” but “have I started thinking about it seriously?”.

Third, that the first conversation commits you to nothing. Talking about a handover is not signing a sales mandate. It is opening up space for reflection. The best handovers I have seen began over a coffee, not with a term sheet.

For those who also want to better understand the financial dimension of this reflection, I have published an analytical framework: Understanding the value of your firm: a framework for reflection for 2026.

If these lines resonate with your situation — or simply with your thoughts — I am available to discuss it. Without obligation, without a hidden agenda.

A confidential conversation with Blas →

Frequently asked questions

How much is a fiduciary firm worth in Switzerland?

There is no official valuation scale. Transactions are rarely public in Switzerland. The observed order of magnitude is between 2 and 4 times adjusted EBITDA (gross operating surplus adjusted for the leader's market-rate remuneration), depending on the size of the portfolio, the recurring nature of engagements, dependence on the leader and the state of digitisation. The European benchmark (Interfimo, France, 2022) gives a median multiple of 2,8x for accountancy firms. In French-speaking Switzerland, every situation is unique and deserves a dedicated analysis.

How long does it take to hand over a fiduciary firm?

Between 12 and 36 months, depending on the chosen scenario. An outright sale with an identified buyer can be completed in 6 to 9 months. A gradual transition — where the seller remains active during the integration phase — typically lasts 18 to 30 months. The initial reflection phase (the one discussed in this article) can itself take 6 to 12 months, and that is normal.

What happens to my staff after a handover?

That depends entirely on the buyer and the chosen model. In an internal buyout or integration into a group, staff are generally taken on under the same terms (Swiss law provides for the transfer of employment contracts when a business is transferred, Art. 333 CO). In a sale to a third party, retaining the team is part of the negotiations — and is often a decisive criterion for the seller.

Should you modernise your firm before handing it over?

Not necessarily, but you need to be transparent about the state of the infrastructure. A firm that has not been digitised has value — its clients, its expertise, its reputation. However, the buyer will factor the cost of modernisation into their offer. Investing in digitisation before a handover can increase the valuation, but only if the return on investment is visible within the following 12 to 18 months.

Who should you speak to first when considering handing over your fiduciary firm?

Ideally, someone who knows the profession from the inside — a former fiduciary firm leader, an M&A adviser specialising in the sector, or a trusted professional network (Fiduciaire|Suisse, EXPERTsuisse). What matters is that this first conversation is confidential and free from pressure. A generalist broker or a banker will not always understand the particular emotional and relational aspects of a fiduciary firm.

Last updated: 08.05.2026