Introduction

Small town auditors play an important role in the social fabric that holds rural society together. They act as counsellors, advisors and representatives of the law, telling their clients what they can and can’t do, and advising what they should and shouldn’t do. My friend Dan operates his practice in a country town. His clients are the petrol station, the pub, the hairdressing salon, grocery and food franchises, engineering and repair shops, seed merchants, bed-andbreakfasts, and local farmers. City folk tired of the rat race dream of moving to Dan’s town and buying a small business. It also happens from time to time that local people want to sell their businesses, move to a larger town, retire, or just do something else. Professional people and service industries want to realise value for their client base. Buyers and sellers go to Dan for advice and a valuation. And to talk about the little bit extra they want over and above the value of the balance sheet assets, which in these parts is generally called goodwill