Hennessy Advisors (HNNA) 10-K4 Dec 132013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Sep. 30, 2013	Dec. 02, 2013	Mar. 28, 2013
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	30-Sep-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Entity Registrant Name	'HENNESSY ADVISORS INC	'	'
Entity Central Index Key	'0001145255	'	'
Current Fiscal Year End Date	'--09-30	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Common Stock, Shares Outstanding	'	5,898,756	'
Entity Public Float	'	'	$26,702,946

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2013	Sep. 30, 2012
Current assets:	'	'
Cash and cash equivalents	$8,406,000	$8,730,000
Investments in marketable securities, at fair value	7,000	6,000
Investment fee income receivable	2,402,000	643,000
Prepaid expenses	269,000	190,000
Deferred income tax asset	162,000	166,000
Other current assets	436,000	14,000
Total current assets	11,682,000	9,749,000
Property and equipment, net of accumulated depreciation of $438 and $358, respectively	257,901	148,336
Management contracts	62,431,000	22,557,000
Investment in available for sale security, at fair value	'	404,000
Other assets, net of accumulated amortization of $159 and $114, respectively	363,000	44,000
Total assets	74,734,000	32,902,000
Current liabilities:	'	'
Accrued liabilities and accounts payable	3,085,000	1,087,000
Income taxes payable	44,000	48,000
Deferred rent	32,000	87,000
Current portion of long-term debt	1,840,000	625,000
Current portion of payment due on purchase of management contracts	7,468,000	'
Total current liabilities	12,469,000	1,847,000
Long-term debt, net of current portion	15,027,000	1,302,000
Long-term portion of payment due on purchase of management contracts	11,626,000	'
Deferred income tax liability	5,825,000	4,529,000
Total liabilities	44,947,000	7,678,000
Commitments and Contingencies (Note 10)	'	'
Stockholders' equity:	'	'
Adjustable rate preferred stock, $25 stated value, 5,000,000 shares authorized: zero shares issued and outstanding	'	'
Common stock, no par value, 15,000,000 shares authorized: 5,898,756 shares issued and outstanding at September 30, 2013 and 5,759,857 at September 30, 2012	9,948,000	9,584,000
Retained earnings	19,839,000	15,748,000
Accumulated other comprehensive loss	'	-108,000
Total stockholders' equity	29,787,000	25,224,000
Total liabilities and stockholders' equity	$74,734,000	$32,902,000

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Statement Of Financial Position [Abstract]	'	'
Property and equipment, accumulated depreciation	$438,317	$358,487
Other assets, accumulated amortization	$159,000	$114,000
Adjustable rate preferred stock, stated value	$25	$25
Adjustable rate preferred stock, shares authorized	5,000,000	5,000,000
Adjustable rate preferred stock, shares issued	0	0
Adjustable rate preferred stock, shares outstanding	0	0
Common stock, no par value	'	'
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	5,898,756	5,759,857
Common stock, shares outstanding	5,898,756	5,759,857

Statements_of_Income_and_Compr

Statements of Income and Comprehensive Income (USD $)	12 Months Ended
Statements of Income and Comprehensive Income (USD $)	Sep. 30, 2013	Sep. 30, 2012
Revenue	'	'
Investment advisory fees	$23,423,000	$6,286,000
Shareholder service fees	885,000	786,000
Total revenue	24,308,000	7,072,000
Operating expenses	'	'
Compensation and benefits	6,665,000	2,431,000
General and administrative	3,117,000	1,642,000
Mutual fund distribution	1,467,000	577,000
Sub-advisor fees	3,942,000	545,000
Amortization and depreciation	188,000	95,000
Total operating expenses	15,379,000	5,290,000
Operating income	8,929,000	1,782,000
Interest expense	668,000	51,000
Other income, net	109,000	-1,000
Income before income tax expense	8,152,000	1,732,000
Income tax expense	3,331,500	761,300
Net income	4,820,000	971,000
Other comprehensive loss	'	'
Unrealized loss on investment in available for sale security	'	108,000
Comprehensive Income	$4,820,000	$863,000
Earnings per share:	'	'
Basic	$0.83	$0.17
Diluted	$0.83	$0.17
Weighted average shares outstanding:	'	'
Basic	5,810,431	5,742,931
Diluted	5,810,431	5,754,336
Cash dividends declared per share:	$0.13	$0.13

Statements_of_Changes_in_Stock

Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock [Member]	Retained Earnings [Member]	Other Comprehensive Loss [Member]
In Thousands, except Share data	Total	Common Stock [Member]	Retained Earnings [Member]	Other Comprehensive Loss [Member]
Beginning balance at Sep. 30, 2011	$24,840	$9,567	$15,462	($189)
Beginning balance, Shares at Sep. 30, 2011	'	5,741,451	'	'
Net income	971	'	971	'
Dividends paid	-685	'	-685	'
Unrealized gain on investment in available for sale security	81	'	'	81
Director stock options exercised	15	15	'	'
Director stock options exercised, shares	5,000	5,000	'	'
Employee and director restricted stock vested, Shares	'	22,103	'	'
Employee restricted stock forfeited	-1	-1	'	'
Repurchase of vested employee restricted stock for tax withholding	-24	-24	'	'
Repurchase of vested employee restricted stock for tax withholding, Shares	'	-8,697	'	'
Deferred restricted stock unit compensation	52	52	'	'
Tax effect of restricted stock unit vesting	-25	-25	'	'
Ending balance at Sep. 30, 2012	25,224	9,584	15,748	-108
Ending balance, shares at Sep. 30, 2012	'	5,759,857	'	'
Net income	4,820	'	4,820	'
Dividends paid	-729	'	-729	'
Reclassification from sale of investment in available for sale security	108	'	'	108
Director stock options exercised	911	911	'	'
Director stock options exercised, shares	247,440	247,440	'	'
Repurchase of employee and director stock options to pay for option exercise	-671	-671	'	'
Repurchase of employee and director stock options to pay for option exercise, Shares	'	-95,802	'	'
Repurchase of employee stock to pay for option exercise	-181	-181	'	'
Repurchase of employee stock to pay for option exercise, Shares	'	-24,866	'	'
Employee and director restricted stock vested	'	'	'	'
Employee and director restricted stock vested, Shares	'	12,350	'	'
Repurchase of vested employee restricted stock for tax withholding	-1	-1	'	'
Repurchase of vested employee restricted stock for tax withholding, Shares	'	-223	'	'
Deferred restricted stock unit compensation	8	8	'	'
Tax effect of restricted stock unit vesting	298	298	'	'
Ending balance at Sep. 30, 2013	$29,787	$9,948	$19,839	'
Ending balance, shares at Sep. 30, 2013	'	5,898,756	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net income	$4,820	$971
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	188	95
Deferred income taxes	1,300	678
Employee restricted stock forfeited	'	-1
Tax effect from restricted stock units and stock options	298	-25
Restricted stock units repurchased for employee tax withholding	-1	-24
Deferred restricted stock unit compensation	8	52
Realized loss on liquidation of available for sale security	108	'
(Increase) decrease in operating assets:	'	'
Investment fee income receivable	-1,759	-95
Prepaid expenses	-79	46
Other current assets	-422	5
Other assets	-141	10
Increase (decrease) in operating liabilities:	'	'
Accrued liabilities and accounts payable	1,897	214
Income taxes payable	-4	48
Current portion of deferred rent	-55	63
Net cash provided by operating activities	6,158	2,037
Cash flows used in investing activities:	'	'
Purchases of property and equipment	-253	-101
Payments related to acquisition of management contracts	-20,680	-273
Proceeds on liquidation of available for sale security	404	'
Net cash used in investing activities	-20,529	-374
Cash flows provided by (used in) financing activities:	'	'
Principal payments on bank loan	-1,585	-625
Proceeds from amended bank loan	16,525	'
Loan fee payments on amended bank loan	-223	15
Proceeds from exercise of employee and director stock options	59	'
Dividend payments	-729	-685
Net cash provided by (used in) financing activities	14,047	-1,295
Net (decrease) increase in cash and cash equivalents	-324	368
Cash and cash equivalents at the beginning of the period	8,730	8,362
Cash and cash equivalents at the end of the period	8,406	8,730
Cash paid for:	'	'
Income taxes	1,779	70
Interest	$617	$52

Summary_of_the_Organization_De

Summary of the Organization, Description of Business and Significant Accounting Policies	12 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Summary of the Organization, Description of Business and Significant Accounting Policies	'
	-1	Summary of the Organization, Description of Business and Significant Accounting Policies

		(a)	Organization and Description of Business
	Hennessy Advisors, Inc. (the “Company”) was founded on February 1, 1989, as a California corporation under the name Edward J. Hennessy, Incorporated. In 1990, the Company became a registered investment advisor and on April 15, 2001, the Company changed its name to Hennessy Advisors, Inc.
	The Company’s operating activities consist primarily of providing investment advisory services to sixteen open-end mutual funds (the “Hennessy Funds”). The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the . Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund, the Hennessy Technology Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund.
	The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from all of the Hennessy Funds through portfolio management of the Hennessy Funds. The Company earns shareholder service fees from some of the Hennessy Funds by assisting customers of such funds in purchases, sales, distribution and customer service. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC. The fees are computed and billed monthly, at which time they are recognized in accordance with ASC 605.
	The Company waives fees to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC and are charged to expense monthly by the Company as an offset to revenue. The waived fees are deducted from investment advisory fee income, and reduce the amount of advisory fees that the Hennessy Funds pay in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion to compete with other mutual funds with lower expense ratios. If the Company were to elect to waive fees, the decision to waive fees would not apply to previous periods, but would only apply on a going forward basis. As of September 30, 2013, the Company has never voluntarily waived fees, and has no current intention to voluntarily waive fees.
	The Company’s contractual agreements provide persuasive evidence that an arrangement exists with fixed and determinable fees, and the services are rendered daily. The collectability is probable as the fees are received from the Hennessy Funds’ in the month subsequent to the month in which the services are provided.

		(b)	Cash and Cash Equivalents
	Cash and cash equivalents include all cash balances and highly liquid investments which are readily convertible into cash.

		(c)	Investments
	Investments in highly liquid financial instruments with remaining maturities of less than one year are classified as short-term investments. Financial instruments with remaining maturities of greater than one year are classified as long-term investments. A table of investments is included in Footnote 4.

	Marketable securities classified as available-for-sale are reported at fair value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, until realized. Realized gains and losses on investments are computed based upon specific identification and are included in interest and other income (expense), net. Investments designated as trading securities are stated at fair value, with gains or losses resulting from changes in fair value recognized in the income statement.
	The Company holds investments in publicly traded mutual funds, which are accounted for as trading securities. Accordingly, unrealized gains of $0.003 million and $0.007 million, respectively, were recognized in operations for fiscal years 2013 and 2012.
	Dividend income is recorded on the ex-dividend date. Purchases and sales of marketable securities are recorded on a trade date basis, and realized gains and losses recognized on sale are determined on a specific identification/average cost basis.

		(d)	Management Contracts Purchased
	The Company has purchased assets related to the management of open-end mutual funds from time to time throughout its history. Prior to September 30, 2012, the Company had completed several purchases of assets related to the management of 13 different mutual funds, some of which were reorganized into already existing Hennessy Funds. In accordance with guidance issued by the Financial Accounting Standards Board, the Company periodically reviews the carrying value of its purchased management contracts to determine if any impairment has occurred. The fair value of management contracts are based on management estimates and assumptions, including third-party valuations that utilize appropriate valuation techniques. The fair value of the management contracts was estimated by applying the income approach. It is the opinion of the Company’s management that there was no impairment as of September 30, 2013 or 2012.
	Under the FASB guidance on “Intangibles – Goodwill and Other,” intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment. The Company reviews the life of the management contracts each reporting period to determine if they continue to have an indefinite useful life. The Company considers the mutual fund management contracts to be intangible assets with an indefinite useful life as of September 30, 2013.
	On October 26, 2012, the Company purchased the assets related to the management of the entire family of ten FBR funds (the “FBR Funds”), adding approximately $2.2 billion in assets under management. The purchase was consummated in accordance with the terms and conditions of that certain Asset Purchase Agreement, dated as of June 6, 2012, between the Company and FBR Fund Advisers, Inc. The purchase price was comprised of two payments: an initial payment of $19,692,137 made on October 26, 2012 based upon the net asset value of the FBR Funds as of October 25, 2012 and a contingent payment of $19,193,595 made on November 5, 2013 based upon the net asset value of the FBR Funds as of October 28, 2013. The initial payment was funded with $3.4 million of available cash and $16.3 million of debt proceeds that were obtained pursuant to an amendment and restatement of the Company’s existing loan agreement with U.S. Bank National Association that allowed the Company to borrow the additional amount due. The additional capitalized transaction costs of $1.2 million, of which $0.2 million was capitalized in the prior year, include legal fees, printing fees and other costs related to the purchase.
	The contingent payment due under the Asset Purchase Agreement was determined to be $19,193,595 as of October 28, 2013. The amount of the liability was booked as of September 30, 2013 because it was measurable. The contingent payment was funded in part with $13,286,666 of debt proceeds that were obtained pursuant to an amendment of the Company’s existing loan agreement with U.S. Bank National Association that allowed the Company to borrow such amount, with the remainder of the payment being funded out of working capital. Of the $13,286,666 of debt proceeds, $11,625,883 is shown as a long-term liability on the balance sheet because it was funded by U.S. Bank National Association on a long-term basis.


	Management contracts balance at 9/30/2012		$	22,557,186

	Initial purchase price for assets related to management of the FBR Funds		$	19,692,137
	Contingent purchase price for assets related to management of the FBR Funds		$	19,193,595
	Capitalized transaction costs in current year		$	988,100

	Management contracts balance at 9/30/2013		$	62,431,018

	Contingent purchase price payment allocation:
	Current portion		$	7,567,712
	Long-term portion		$	11,625,883


	Total		$	19,193,595


		(e)	Fair Value of Financial Instruments
	The FASB guidance on “Disclosures about Fair Value of Financial Instruments” requires disclosures regarding the fair value of all financial instruments for financial statement purposes. The estimates presented in these financial statements are based on information available to management as of September 30, 2013 and 2012. Accordingly, the fair values presented in the Company’s financial statements as of September 30, 2013 and 2012 may not be indicative of amounts that could be realized on disposition of the financial instruments. The fair value of receivables, accounts payable and notes payable has been estimated at carrying value due to the short maturity of these instruments. The fair value of purchased management contracts is estimated at the cost of the purchase. The fair value of marketable securities and money market accounts is based on closing net asset values as reported by securities exchanges registered with the Securities and Exchange Commission.

		(f)	Property and Equipment
	Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally one to ten years.

		(g)	Income Taxes
	The Company, under the FASB guidance on “Accounting for Uncertainty in Income Tax,” uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company utilizes a two-step approach for evaluating uncertain tax positions. Step one, recognition, requires a company to determine if the weight of available evidence indicates that a tax position is more likely than not to be sustained upon audit, including resolution of related appeals or litigation processes, if any. Step two, measurement, is based on the largest amount of benefit, which is more likely than not to be realized on ultimate settlement.
	The Company did not have any amounts of unrecognized tax benefits as of September 30, 2013 and 2012. In addition, the Company did not have any amounts of unrecognized tax benefits that, if recognized, would affect its effective tax rate. The Company has elected to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. To date, the Company has recognized no interest and penalties related to unrecognized tax benefits.

	The Company files U.S. federal and state tax returns and has determined that its major tax jurisdictions are the United States, California and Massachusetts. The tax years ended in 2009 through 2012 remain open and subject to examination by the appropriate governmental agencies in the U.S., the 2008 through 2012 tax years remain open in California, and the 2012 tax year remains open in Massachusetts.
	The Company’s effective tax rate of 40.9% and 43.9% for the fiscal years ended September 30, 2013 and 2012, respectively, differ from the federal statutory rate of 34% primarily due to the effects of state income taxes.

		(h)	Earnings Per Share
	Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents.
	There were 245,998 and 433,438 of common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the earnings per share calculations for the years ended September 30, 2013 and 2012, respectively, because they were anti-dilutive.

		(i)	Stock-Based Compensation
	On January 17, 2013, the Company established, and a shareholder vote approved, the 2013 Omnibus Incentive Plan (the “Plan”) providing for the issuance of options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other equity awards for the purpose of attracting and retaining executive officers, key employees, and outside directors and advisors. The Plan replaced the 2001 Omnibus Plan that the Company had previously adopted and had in place. The maximum number of shares that may be issued under the Plan is 50% of the number of outstanding shares of common stock of the Company, subject to adjustment by the compensation committee of the Board of Directors of the Company upon the occurrence of certain events. The number of shares of common stock subject to awards that remain outstanding under the 2001 Omnibus Plan reduces the number of shares available for issuance under the Plan. The 50% limitation does not invalidate any awards made prior to a decrease in the number of outstanding shares, even if such awards have result or may result in shares constituting more than 50% of the outstanding shares being available for issuance under the Plan. Shares available under the Plan that are not awarded in one particular year may be awarded in subsequent years.
	The compensation committee of the Board of Directors of the Company has the authority to determine the awards granted under the Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option and the number of shares to be subject to each award. However, no participant may receive options or stock appreciation rights under the Plan for an aggregate of more than 50,000 shares in any calendar year. The exercise price and term of each option or stock appreciation right is fixed by the compensation committee except that the exercise price for each stock option that is intended to qualify as an incentive stock option must be at least equal to the fair market value of the stock on the date of grant and the term of the option cannot exceed 10 years. In the case of an incentive stock option granted to a 10% or more shareholder, the exercise price must be at least 110% of the fair market value on the date of grant and cannot exceed five years. Incentive stock options may be granted only within ten years from the date of adoption of the Plan. The aggregate fair market value (determined at the time the option is granted) of shares with respect to which incentive stock options may be granted to any one individual, which stock options are exercisable for the first time during any calendar year, may not exceed $100,000. An optionee may, with the consent of the compensation committee, elect to pay for the shares to be received upon exercise of his or her options in cash, shares of common stock or any combination thereof.
	The exercise price of all options granted under the 2001 Omnibus Plan was equal to the market price of the underlying common stock on the grant date and all options were granted and fully vested on the grant date. There were no options granted during the fiscal year ended September 30, 2013.
The Company, per the fair value recognition provisions of the FASB guidance on Stock Compensation, uses the “Modified Perspective” method in accordance with the transition and disclosure provisions of the codification for stock based compensation. All compensation costs related to restricted stock units vested during the years ended September 30, 2013 and 2012 have been recognized in its financial statements.
The Company has reserved up to 2,043,791 shares of the Company’s common stock in respect of granted options, in accordance with terms of the Plan. An aggregate of 185,998 options have been granted to certain employees, executive officers, and directors of the Company and are outstanding as of September 30, 2013. These options were fully vested at the date of grant, and have a weighted average exercise price of $7.09 per share. Through September 30, 2013, 247,440 options were exercised, leaving 185,998 options fully vested and exercisable as of that date.
A summary of the status of stock options granted is presented in the following table for the fiscal years ended September 30, 2013 and 2012:


		Number Of			Weighted Avg.		Weighted Avg.	Aggregate
		Options			Exercise		Remaining	Intrinsic
					Price		Contractual Term	Value

Outstanding at 9/30/2011			645,050		$	4.43	1.82 years	$	0

Granted			—			—
Exercised			(5,000	)	$	2.97
Forfeited			—			—
Expired			(206,612	)	$	2.97


Outstanding at 9/30/2012			433,438		$	5.14	1.45 years	$	0

Granted			—			—
Exercised			(247,440	)	$	3.67
Forfeited			—			—
Expired			—			—


Outstanding at 9/30/2013			185,998		$	7.09	1.05 years	$	442,148


Exercisable at 9/30/2013			185,998		$	7.09	1.05 years	$	442,148


During the fiscal year ended September 30, 2013 the Company granted 60,000 restricted stock units (“RSU”) under the Plan. RSUs represent an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at the rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. RSU activity for the years ended September 30, 2013 and 2012 was as follows:


		Restricted Stock Unit Activity
		Years Ended September 30, 2013 and 2012
		Number of Restricted			Weighted Avg.
		Share Units			Fair Value at
					Each Date
Non-vested Balance at September 30, 2011			15,949		$	5.28

Granted			—		$	—

Vested (1)			(14,512	)	$	3.52

Forfeited			(375	)	$	2.66

Non-vested Balance at September 30, 2012			1,062		$	2.59

Granted			60,000		$	8.61

Vested (1)			(1,687	)	$	4.9

Forfeited			—		$	—

Non-vested Balance at September 30, 2013			59,375		$	8.61


-1	The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 12,127 and 13,406 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2013 and 2012, respectively.


Restricted Stock Unit Compensation
Fiscal Year Ended September 30, 2013
		(In Thousands)
Total expected compensation expense related to Restricted Stock Units		$	2,667

Compensation Expense recognized as of September 30, 2013			(2,156	)

Unrecognized compensation expense related to RSU’s at September 30, 2013		$	511

As of September 30, 2013, there was $0.5 million of total RSU compensation expense related to non-vested awards not yet recognized that is expected to be recognized over a weighted-average vesting period of four years.

	(j)	Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Investment_Advisory_Agreements

Investment Advisory Agreements	12 Months Ended
	Sep. 30, 2013
Text Block [Abstract]	'
Investment Advisory Agreements	'
	-2	Investment Advisory Agreements
	Pursuant to management contracts, the Company provides investment advisory services to all classes of the sixteen Hennessy Funds. The management contracts must be renewed annually by (i) the Board of Directors of the applicable investment company entity or by the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (2) by the vote of a majority of the directors/trustees of the applicable investment company entity who are not interested persons of the Hennessy Funds (the “disinterested directors”). If the management contracts are not renewed annually as described above, they will terminate automatically. In addition, there are two other circumstances in which the management contracts would terminate. First, the management contracts would automatically terminate if the Company assigned them to another advisor (assignment includes “indirect assignment,” which is the transfer of the Company’s common stock in sufficient quantities deemed to constitute a controlling block). Additionally, each management contract may be terminated prior to its expiration upon 60 days’ notice by either the Company or the applicable Hennessy Fund.
	As provided in the management contracts with the sixteen Hennessy Funds, the Company receives investment advisory fees monthly based on a percentage of the respective fund’s average daily net assets.
	The Company has entered into sub-advisory agreements covering the Hennessy Focus Fund, the Hennessy Large Value Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund with the same asset management companies that previously managed the Hennessy Funds. Under each of these sub-advisory agreements, the sub-advisor is responsible for the investment and re-investment of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The sub-advisors are subject to the direction, supervision and control of the Company and the directors of the applicable Hennessy Fund’s investment entity.
	In exchange for the sub-advisor services, the Company (not the Hennessy Funds) pays a sub-advisor fee to the sub-advisors, which is based on the amount of each applicable Hennessy Fund’s average daily net assets.

Fair_Value_Measurement

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurement	'
	-3	Fair Value Measurement
	The Company applies the FASB standard “Fair Value Measurements” for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three “levels” that prioritize the inputs to the valuation techniques used to measure fair value:

		•		Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.

		•		Level 2 – from other than quoted market prices that are observable for the asset or liability, either directly or indirectly (namely, similar assets or from markets that are not active).

		•		Level 3 – unobservable and shall be used to measure fair value to the extent that observable inputs are not available (namely, reflecting an entity’s own assumptions).

	Based on the standard’s definitions, the following table represents the Company’s financial assets categorized in the level 1 to 3 hierarchy as of September 30, 2013:


			Fair Value Measurements at Reporting Date
			(amounts in thousands)
			Level 1		Level 2		Level 3		Total

	Money market fund deposits		$	7,377	$	—	$	—	$	7,377
	Mutual fund investments			7		—		—		7

	Total		$	7,384	$	—	$	—	$	7,384


	Amounts included in:
	Cash and cash equivalents		$	7,377	$	—	$	—	$	7,377
	Investments in marketable securities			7		—		—		7

	Total		$	7,384	$	—	$	—	$	7,384

Investments

Investments	12 Months Ended
Investments	Sep. 30, 2013
Investments Debt And Equity Securities [Abstract]	'
Investments	'
	-4	Investments
	The cost, gross unrealized gains, gross unrealized losses, and fair market value of the Company’s trading investment at the years ended September 30 is as follows:


			Cost		Gross		Gross			Total
					Unrealized		Unrealized
					Gains		Losses
	(in thousands)
	2013

	Mutual fund investments		$	4	$	15	$	(12	)	$	7

	Total		$	4	$	15	$	(12	)	$	7


	2012

	Mutual fund investments		$	4	$	14	$	(12	)	$	6

	Total		$	4	$	14	$	(12	)	$	6

	The mutual fund investments are included as a separate line item in current assets on the Company’s balance sheets.
	On October 30, 2007, the Company invested $0.5 million in the Hennessy Micro Cap Growth Fund, LLC (the “Micro Cap Fund”). The Micro Cap Fund was closed on December 14, 2012 and the investment was liquidated, resulting in a realized loss of $0.11 million. The loss was included in other expense on the income statement for the year ended September 30, 2013.

Property_and_Equipment

Property and Equipment	12 Months Ended
Property and Equipment	Sep. 30, 2013
Property Plant And Equipment [Abstract]	'
Property and Equipment	'
	-5	Property and Equipment
	Property and equipment were comprised of the following at the fiscal years ended:


			September 30,
			2013		2012

	Equipment		$	228,829	$	142,747
	Leasehold improvements			122,714		122,714
	Furniture and fixtures			167,910		135,902
	IT Infrastructure			52,908		46,538
	Software			123,857		58,922

				696,218		506,823

	Less: accumulated depreciation			438,317		358,487


			$	257,901	$	148,336

Management_Contracts

Management Contracts	12 Months Ended
	Sep. 30, 2013
Text Block [Abstract]	'
Management Contracts	'
	-6	Management Contracts
	The costs related to the Company’s purchase of assets related to management contracts are capitalized as incurred. The management contract asset was $62.4 million as of September 30, 2013, compared to $22.6 million at the end of the prior comparable period. The costs are defined as an “intangible asset” per FASB standard “Intangibles – Goodwill and Other.” The management contract purchase costs include legal fees, shareholder vote fees and percent of asset costs to purchase the assets related to management contracts.

Bank_Loan

Bank Loan	12 Months Ended
Bank Loan	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Bank Loan	'
	-7	Bank Loan
	The Company has an outstanding bank loan with U.S. Bank National Association. On October 26, 2012, the loan, which then had an outstanding principal balance of $1.9 million, was amended to provide an additional $16.3 million to purchase the assets related to the management of the FBR Funds. The balance of the loan immediately following the amendment was $18.4 million. The amended loan agreement requires fifty-nine (59) monthly payments in the amount of $153,333 plus interest at the bank’s prime rate (currently 3.25%, in effect since December 17, 2008) plus 0.75% (for an effective interest rate of 4.00%) and is secured by the Company’s assets. The final installment of the then-outstanding principal and interest is due October 26, 2017.
	In connection with securing the financing discussed above, the Company incurred loan costs in the amount of $0.25 million. These costs are included in other assets and the balance is being amortized on a straight-line basis over 60 months. The unamortized balance of loan fees was $0.20 million at September 30, 2013. The loan balance is $16.9 million as of September 30, 2013 compared to $1.9 million at the end of the prior comparable period. The note maturity schedule is as follows:


	Years ended September 30:

	2014		$	1,840,000
	2015			1,840,000
	2016			1,840,000
	2017			1,840,000
	2018			9,506,667


	Total		$	16,866,667


	The amended loan is considered “substantially different” from the original loan per the conditions set forth in Emerging Issues Task Force (EITF) 96-19 “Debtor’s Accounting for a Modification or Exchange of Debt Instruments.” The Company did an evaluation of the debt modification under EITF 96-19 and determined that the financial impact of the modification on the prior principal was not material to the overall financial statements and accordingly no adjustment was made.
	The loan agreement includes certain reporting requirements and loan covenants requiring the maintenance of certain financial ratios. The Company was in compliance for the periods ended September 30, 2013 and 2012.
	In connection with securing the financing discussed above, the Company incurred loan costs in the amount of $0.25 million. These costs are included in other assets and the balance is being amortized on a straight-line basis over 60 months. Amortization expense during the fiscal year ended September 30, 2013 was $44,956 compared to $6,295 for the prior comparable period. Future amortization expense is as follows:


	Years ended September 30:

	2014		$	48,475
	2015		$	48,475
	2016		$	48,475
	2017		$	48,475
	2018			3,518


	Total		$	197,418

	In connection with the purchase of the assets related to the FBR Funds, the Company funded part of the second and final payment of the purchase price by entering into an amendment to the existing loan agreement, bringing the total loan balance to $30.0 million. See Footnote 13 for more detail on the amendment to the loan agreement.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	-8	Income Taxes
	The provision for income taxes is comprised of the following for the fiscal years ended September 30, 2013 and 2012:


			2013			2012
	Current
	Federal		$	1,652,900		$	78,900
	State			379,300			28,600


				2,032,200			107,500

	Deferred
	Federal			1,060,900			531,700
	State			238,400			122,100

				1,299,300			653,800

	Total		$	3,331,500		$	761,300


	The principal reasons for the differences from the federal statutory rate of 34% are as follows:


			2013			2012
	Federal tax at statutory rate			34	%		34	%
	State tax at statutory rate			5.83			5.73
	Permanent and other differences			0.5			4.11
	Disallowed capital loss			0.54			—

	Effective Tax Rate			40.87	%		43.94	%

	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of September 30, 2013 and 2012 are presented below:


			2013			2012
	Current deferred tax assets:
	Accrued compensation		$	19,900		$	23,900
	Deferred rent			12,600			35,900
	State taxes			129,300			9,700
	Capital loss carryforward			110,400			—
	Charitable contribution carryover			—			96,200

	Total deferred tax assets			272,200			165,700
	Less: disallowed capital loss			(110,400	)		—

	Net deferred tax assets			161,800			165,700

	Noncurrent deferred tax liabilities:
	Net Operating Loss			—			44,800
	Property and equipment			(46,000	)		(7,300	)
	Management contracts			(5,779,000	)		(4,566,600	)

	Total deferred tax liabilities			(5,825,000	)		(4,529,100	)


	Net deferred tax liabilities		$	(5,663,200	)	$	(4,363,400	)

	The tax benefits in 2012 and 2013 for share based compensation awards that will result in future tax deductions are included in deferred tax assets. The Company accounts for APIC adjustments related to tax deductions in excess of book deductions for stock based compensation using the with-and-without method, recognizing a windfall benefit to APIC only after considering all other tax benefits presently available to it.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	-9	Earnings Per Share
	The weighted average common shares outstanding used in the calculation of basic earnings per share and weighted average common shares outstanding, adjusted for common stock equivalents, used in the computation of diluted earnings per share were as follows for the years ended:


			September 30,
			2013		2012
	Weighted average common stock outstanding			5,810,431		5,742,931

	Common stock equivalents – stock options and RSU’s			—		11,405

				5,810,431		5,754,336

	There were 245,998 and 433,438 of common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the per share calculations for the year ended September 30, 2013 and 2012, respectively, because they were anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Sep. 30, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	-10	Commitments and Contingencies
	The Company’s headquarters is located in leased office space under a single non-cancelable operating lease at 7250 Redwood Blvd., Suite 200, in Novato, California. The initial lease was re-negotiated and a lease amendment was signed March 1, 2012 with a new expiration date of March 31, 2014, with one three-year or five-year extension available thereafter. The minimum future rental commitment under this lease as of September 30, 2013 is $168,854 for the remaining term of the lease. The straight-line rent expense is $22,869 per month for the remaining term of the lease.
	The Company also has leased office space under a single non-cancelable operating sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts 02110. The original sub-lease was re-negotiated and an amendment dated September 24, 2013 with a new expiration date of January 15, 2015, but is subject to earlier termination in the event the prime lease is earlier terminated. The future rental commitment under this lease as of September 30, 2013 is $111,578 for the remaining term of the lease. The straight-line rent expense is $7,695 per month for the remaining term of the lease.
	The annual minimum future rental commitments under the lease and sub-lease as of September 30, 2013 and for future fiscal years ending September 30, 2015 are as follows:


	Fiscal Year

	2014			253,499
	2015			26,933

	Total		$	280,432

Concentration_of_Credit_Risk

Concentration of Credit Risk	12 Months Ended
	Sep. 30, 2013
Risks And Uncertainties [Abstract]	'
Concentration of Credit Risk	'
	-11	Concentration of Credit Risk
	The Company maintains its cash accounts with three commercial banks that, at times, may exceed federally insured limits. The amount on deposit at September 30, 2013 exceeded the insurance limits of the Federal Deposit Insurance Corporation by approximately $0.97 million. In addition, total cash and cash equivalents include $5.7 million held in the First American Prime Obligations Fund and $1.5 million held at UBS that are not federally insured. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

New_Accounting_Pronouncements

New Accounting Pronouncements	12 Months Ended
	Sep. 30, 2013
Accounting Changes And Error Corrections [Abstract]	'
New Accounting Pronouncements	'
	-12	New Accounting Pronouncements
	In July 2012, the FASB issued amendments to Accounting Standards Update (ASU) No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of the amendments is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, “Intangibles—Goodwill and Other—General Intangibles Other than Goodwill.” The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previously, an entity was required to test at least annually. The guidance provided by this update is effective for fiscal years beginning after September 15, 2012 (the Company’s fiscal year 2013). The standard was adopted October 1, 2012, and may allow the Company to forego its next annual impairment analysis if the more-likely-than-not threshold is met as of September 30, 2013, which would cause a reduction in the Company’s expenses.
	In February 2013, the FASB issued an update to ASU No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendment improves the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to report the effect of the reclassification on a respective line item in the financials. The guidance provided by this update was effective for reporting periods beginning on or after December 15, 2012 (the second quarter of the Company’s fiscal year 2013). The adoption of this standard did not impact the Company’s financial condition, results of operations or cash flows.
	There have been no other significant changes in the Company’s critical accounting policies and estimates during the fiscal year ended September 30, 2013.

Subsequent_Event

Subsequent Event	12 Months Ended
Subsequent Event	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Event	'
	-13	Subsequent Event
	AMENDED LEASE AGREEMENT
	Subsequent to the fiscal year ended September 30, 2013, the Company entered into a third amendment to its operating lease for office space at 7250 Redwood Blvd., Suite 200, Novato, California. The lease was extended for an additional three years with a new expiration date of March 31, 2017, with one five-year extension available thereafter. The minimum future rental commitment under this lease is $853,335 for the remaining term of the lease. The straight-line rent expense is $23,703.68 per month for the remaining term of the lease.
	The total annual minimum future rental commitments under the lease, as amended, and the Company’s sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts for future fiscal years ending September 30, 2017 are as follows:

	Fiscal Year
	2014			253,499
	2015			361,347
	2016			344,298
	2017			174,620
	AMENDED AND RESTATED LOAN AGREEMENT
	Subsequent to the fiscal year ended September 30, 2013 and in connection with the second and final payment for the purchase of assets related to the FBR Funds, the Company entered into an amended and restated loan agreement with U.S. Bank National Association that increased its total outstanding loan balance by $13,133,333 to $30.0 million The amended and restated loan agreement requires 47 monthly payments in the amount of $312,500 plus interest at the bank’s prime rate (currently 3.25%, in effect since December 17, 2008) plus 0.75% (effective interest rate of 4.00%) and is secured by the Company’s assets. The final installment of the then-outstanding principal and its interest are due October 26, 2017. The note maturity schedule is as follows:

	Years ended September 30:
	2014		$	3,125,000
	2015			3,750,000
	2016			3,750,000
	2017			3,750,000
	2018			15,625,000

	Total		$	30,000,000

	The loan agreement includes certain reporting requirements and loan covenants requiring the maintenance of certain financial ratios. The Company expects to be in compliance with the loan covenant for the first reporting period ending December 31, 2013.
	In connection with securing the financing discussed above, the Company incurred loan costs in the amount of $152,602. These costs will be included in other assets and will be added to the existing unamortized balance for a total of $345,980 (as of the loan amendment date of November 1, 2013). The loan fees will be amortized on a straight-line basis over 48 months. Future amortization expense is as follows:

	Years ended September 30:
	2014		$	79,287
	2015		$	86,495
	2016		$	86,495
	2017		$	86,495
	2018			7,208

	Total		$	345,980

Summary_of_the_Organization_De1

Summary of the Organization, Description of Business and Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Organization and Description of Business

(a)

Organization and Description of Business

Hennessy Advisors, Inc. (the “Company”) was founded on February 1, 1989, as a California corporation under the name Edward J. Hennessy, Incorporated. In 1990, the Company became a registered investment advisor and on April 15, 2001, the Company changed its name to Hennessy Advisors, Inc.

The Company’s operating activities consist primarily of providing investment advisory services to sixteen open-end mutual funds (the “Hennessy Funds”). The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the . Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund, the Hennessy Technology Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund.

The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from all of the Hennessy Funds through portfolio management of the Hennessy Funds. The Company earns shareholder service fees from some of the Hennessy Funds by assisting customers of such funds in purchases, sales, distribution and customer service. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC. The fees are computed and billed monthly, at which time they are recognized in accordance with ASC 605.

The Company waives fees to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC and are charged to expense monthly by the Company as an offset to revenue. The waived fees are deducted from investment advisory fee income, and reduce the amount of advisory fees that the Hennessy Funds pay in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion to compete with other mutual funds with lower expense ratios. If the Company were to elect to waive fees, the decision to waive fees would not apply to previous periods, but would only apply on a going forward basis. As of September 30, 2013, the Company has never voluntarily waived fees, and has no current intention to voluntarily waive fees.

The Company’s contractual agreements provide persuasive evidence that an arrangement exists with fixed and determinable fees, and the services are rendered daily. The collectability is probable as the fees are received from the Hennessy Funds’ in the month subsequent to the month in which the services are provided.

Cash and Cash Equivalents

(b)

Cash and Cash Equivalents

Cash and cash equivalents include all cash balances and highly liquid investments which are readily convertible into cash.

Investments

(c)

Investments

Investments in highly liquid financial instruments with remaining maturities of less than one year are classified as short-term investments. Financial instruments with remaining maturities of greater than one year are classified as long-term investments. A table of investments is included in Footnote 4.

Marketable securities classified as available-for-sale are reported at fair value, with net unrealized gains or losses recorded in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, until realized. Realized gains and losses on investments are computed based upon specific identification and are included in interest and other income (expense), net. Investments designated as trading securities are stated at fair value, with gains or losses resulting from changes in fair value recognized in the income statement.

The Company holds investments in publicly traded mutual funds, which are accounted for as trading securities. Accordingly, unrealized gains of $0.003 million and $0.007 million, respectively, were recognized in operations for fiscal years 2013 and 2012.

Dividend income is recorded on the ex-dividend date. Purchases and sales of marketable securities are recorded on a trade date basis, and realized gains and losses recognized on sale are determined on a specific identification/average cost basis.

Management Contracts Purchased

(d)

Management Contracts Purchased

The Company has purchased assets related to the management of open-end mutual funds from time to time throughout its history. Prior to September 30, 2012, the Company had completed several purchases of assets related to the management of 13 different mutual funds, some of which were reorganized into already existing Hennessy Funds. In accordance with guidance issued by the Financial Accounting Standards Board, the Company periodically reviews the carrying value of its purchased management contracts to determine if any impairment has occurred. The fair value of management contracts are based on management estimates and assumptions, including third-party valuations that utilize appropriate valuation techniques. The fair value of the management contracts was estimated by applying the income approach. It is the opinion of the Company’s management that there was no impairment as of September 30, 2013 or 2012.

Under the FASB guidance on “Intangibles – Goodwill and Other,” intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment. The Company reviews the life of the management contracts each reporting period to determine if they continue to have an indefinite useful life. The Company considers the mutual fund management contracts to be intangible assets with an indefinite useful life as of September 30, 2013.

On October 26, 2012, the Company purchased the assets related to the management of the entire family of ten FBR funds (the “FBR Funds”), adding approximately $2.2 billion in assets under management. The purchase was consummated in accordance with the terms and conditions of that certain Asset Purchase Agreement, dated as of June 6, 2012, between the Company and FBR Fund Advisers, Inc. The purchase price was comprised of two payments: an initial payment of $19,692,137 made on October 26, 2012 based upon the net asset value of the FBR Funds as of October 25, 2012 and a contingent payment of $19,193,595 made on November 5, 2013 based upon the net asset value of the FBR Funds as of October 28, 2013. The initial payment was funded with $3.4 million of available cash and $16.3 million of debt proceeds that were obtained pursuant to an amendment and restatement of the Company’s existing loan agreement with U.S. Bank National Association that allowed the Company to borrow the additional amount due. The additional capitalized transaction costs of $1.2 million, of which $0.2 million was capitalized in the prior year, include legal fees, printing fees and other costs related to the purchase.

The contingent payment due under the Asset Purchase Agreement was determined to be $19,193,595 as of October 28, 2013. The amount of the liability was booked as of September 30, 2013 because it was measurable. The contingent payment was funded in part with $13,286,666 of debt proceeds that were obtained pursuant to an amendment of the Company’s existing loan agreement with U.S. Bank National Association that allowed the Company to borrow such amount, with the remainder of the payment being funded out of working capital. Of the $13,286,666 of debt proceeds, $11,625,883 is shown as a long-term liability on the balance sheet because it was funded by U.S. Bank National Association on a long-term basis.

Management contracts balance at 9/30/2012

22,557,186

Initial purchase price for assets related to management of the FBR Funds

19,692,137

Contingent purchase price for assets related to management of the FBR Funds

19,193,595

Capitalized transaction costs in current year

988,100

Management contracts balance at 9/30/2013

62,431,018

Contingent purchase price payment allocation:

Current portion

7,567,712

Long-term portion

11,625,883

Total

19,193,595

Fair Value of Financial Instruments

(e)

Fair Value of Financial Instruments

The FASB guidance on “Disclosures about Fair Value of Financial Instruments” requires disclosures regarding the fair value of all financial instruments for financial statement purposes. The estimates presented in these financial statements are based on information available to management as of September 30, 2013 and 2012. Accordingly, the fair values presented in the Company’s financial statements as of September 30, 2013 and 2012 may not be indicative of amounts that could be realized on disposition of the financial instruments. The fair value of receivables, accounts payable and notes payable has been estimated at carrying value due to the short maturity of these instruments. The fair value of purchased management contracts is estimated at the cost of the purchase. The fair value of marketable securities and money market accounts is based on closing net asset values as reported by securities exchanges registered with the Securities and Exchange Commission.

Property and Equipment

(f)

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally one to ten years.

Income Taxes

(g)

Income Taxes

The Company, under the FASB guidance on “Accounting for Uncertainty in Income Tax,” uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a company’s income tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company utilizes a two-step approach for evaluating uncertain tax positions. Step one, recognition, requires a company to determine if the weight of available evidence indicates that a tax position is more likely than not to be sustained upon audit, including resolution of related appeals or litigation processes, if any. Step two, measurement, is based on the largest amount of benefit, which is more likely than not to be realized on ultimate settlement.

The Company did not have any amounts of unrecognized tax benefits as of September 30, 2013 and 2012. In addition, the Company did not have any amounts of unrecognized tax benefits that, if recognized, would affect its effective tax rate. The Company has elected to recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. To date, the Company has recognized no interest and penalties related to unrecognized tax benefits.

The Company files U.S. federal and state tax returns and has determined that its major tax jurisdictions are the United States, California and Massachusetts. The tax years ended in 2009 through 2012 remain open and subject to examination by the appropriate governmental agencies in the U.S., the 2008 through 2012 tax years remain open in California, and the 2012 tax year remains open in Massachusetts.

The Company’s effective tax rate of 40.9% and 43.9% for the fiscal years ended September 30, 2013 and 2012, respectively, differ from the federal statutory rate of 34% primarily due to the effects of state income taxes.

Earnings Per Share

(h)

Earnings Per Share

Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents.

There were 245,998 and 433,438 of common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the earnings per share calculations for the years ended September 30, 2013 and 2012, respectively, because they were anti-dilutive.

Stock-Based Compensation

(i)

Stock-Based Compensation

On January 17, 2013, the Company established, and a shareholder vote approved, the 2013 Omnibus Incentive Plan (the “Plan”) providing for the issuance of options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other equity awards for the purpose of attracting and retaining executive officers, key employees, and outside directors and advisors. The Plan replaced the 2001 Omnibus Plan that the Company had previously adopted and had in place. The maximum number of shares that may be issued under the Plan is 50% of the number of outstanding shares of common stock of the Company, subject to adjustment by the compensation committee of the Board of Directors of the Company upon the occurrence of certain events. The number of shares of common stock subject to awards that remain outstanding under the 2001 Omnibus Plan reduces the number of shares available for issuance under the Plan. The 50% limitation does not invalidate any awards made prior to a decrease in the number of outstanding shares, even if such awards have result or may result in shares constituting more than 50% of the outstanding shares being available for issuance under the Plan. Shares available under the Plan that are not awarded in one particular year may be awarded in subsequent years.

The compensation committee of the Board of Directors of the Company has the authority to determine the awards granted under the Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option and the number of shares to be subject to each award. However, no participant may receive options or stock appreciation rights under the Plan for an aggregate of more than 50,000 shares in any calendar year. The exercise price and term of each option or stock appreciation right is fixed by the compensation committee except that the exercise price for each stock option that is intended to qualify as an incentive stock option must be at least equal to the fair market value of the stock on the date of grant and the term of the option cannot exceed 10 years. In the case of an incentive stock option granted to a 10% or more shareholder, the exercise price must be at least 110% of the fair market value on the date of grant and cannot exceed five years. Incentive stock options may be granted only within ten years from the date of adoption of the Plan. The aggregate fair market value (determined at the time the option is granted) of shares with respect to which incentive stock options may be granted to any one individual, which stock options are exercisable for the first time during any calendar year, may not exceed $100,000. An optionee may, with the consent of the compensation committee, elect to pay for the shares to be received upon exercise of his or her options in cash, shares of common stock or any combination thereof.

The exercise price of all options granted under the 2001 Omnibus Plan was equal to the market price of the underlying common stock on the grant date and all options were granted and fully vested on the grant date. There were no options granted during the fiscal year ended September 30, 2013.

The Company, per the fair value recognition provisions of the FASB guidance on Stock Compensation, uses the “Modified Perspective” method in accordance with the transition and disclosure provisions of the codification for stock based compensation. All compensation costs related to restricted stock units vested during the years ended September 30, 2013 and 2012 have been recognized in its financial statements.

The Company has reserved up to 2,043,791 shares of the Company’s common stock in respect of granted options, in accordance with terms of the Plan. An aggregate of 185,998 options have been granted to certain employees, executive officers, and directors of the Company and are outstanding as of September 30, 2013. These options were fully vested at the date of grant, and have a weighted average exercise price of $7.09 per share. Through September 30, 2013, 247,440 options were exercised, leaving 185,998 options fully vested and exercisable as of that date.

A summary of the status of stock options granted is presented in the following table for the fiscal years ended September 30, 2013 and 2012:

Number Of

Weighted Avg.

Aggregate

Options

Exercise

Remaining

Intrinsic

Price

Contractual Term

Value

Outstanding at 9/30/2011

645,050

4.43

1.82 years

Granted

—

Exercised

(5,000

)

2.97

Forfeited

—

Expired

(206,612

)

2.97

Outstanding at 9/30/2012

433,438

5.14

1.45 years

Granted

—

Exercised

(247,440

)

3.67

Forfeited

—

Expired

—

Outstanding at 9/30/2013

185,998

7.09

1.05 years

442,148

Exercisable at 9/30/2013

185,998

7.09

1.05 years

442,148

During the fiscal year ended September 30, 2013 the Company granted 60,000 restricted stock units (“RSU”) under the Plan. RSUs represent an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at the rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. RSU activity for the years ended September 30, 2013 and 2012 was as follows:

Restricted Stock Unit Activity

Years Ended September 30, 2013 and 2012

Number of Restricted

Weighted Avg.

Share Units

Fair Value at

Each Date

Non-vested Balance at September 30, 2011

15,949

5.28

Granted

—

Vested (1)

(14,512

)

3.52

Forfeited

(375

)

2.66

Non-vested Balance at September 30, 2012

1,062

2.59

Granted

60,000

8.61

Vested (1)

(1,687

)

4.9

Forfeited

—

Non-vested Balance at September 30, 2013

59,375

8.61

-1

The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 12,127 and 13,406 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2013 and 2012, respectively.

Restricted Stock Unit Compensation

Fiscal Year Ended September 30, 2013

(In Thousands)

Total expected compensation expense related to Restricted Stock Units

2,667

Compensation Expense recognized as of September 30, 2013

(2,156

)

Unrecognized compensation expense related to RSU’s at September 30, 2013

511

As of September 30, 2013, there was $0.5 million of total RSU compensation expense related to non-vested awards not yet recognized that is expected to be recognized over a weighted-average vesting period of four years.

Use of Estimates

(j)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Fair Value Measurements

The Company applies the FASB standard “Fair Value Measurements” for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three “levels” that prioritize the inputs to the valuation techniques used to measure fair value:

•

Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.

•

Level 2 – from other than quoted market prices that are observable for the asset or liability, either directly or indirectly (namely, similar assets or from markets that are not active).

•

Level 3 – unobservable and shall be used to measure fair value to the extent that observable inputs are not available (namely, reflecting an entity’s own assumptions).

Intangibles-Goodwill and Other-General Intangibles Other than Goodwill

In July 2012, the FASB issued amendments to Accounting Standards Update (ASU) No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of the amendments is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, “Intangibles – Goodwill and Other – General Intangibles Other than Goodwill.” The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previously, an entity was required to test at least annually. The guidance provided by this update is effective for fiscal years beginning after September 15, 2012 (the Company’s fiscal year 2013). The standard was adopted October 1, 2012, and may allow the Company to forego its next annual impairment analysis if the more-likely-than-not threshold is met as of September 30, 2013, which would cause a reduction in the Company’s expenses.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the FASB issued an update to ASU No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The amendment improves the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to report the effect of the reclassification on a respective line item in the financials. The guidance provided by this update was effective for reporting periods beginning on or after December 15, 2012 (the second quarter of the Company’s fiscal year 2013). The adoption of this standard did not impact the Company’s financial condition, results of operations or cash flows.

Summary_of_the_Organization_De2

Summary of the Organization, Description of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Schedule of Contingent Payment Due Under Asset Purchase Agreement	'
	The contingent payment due under the Asset Purchase Agreement


	Management contracts balance at 9/30/2012		$	22,557,186

	Initial purchase price for assets related to management of the FBR Funds		$	19,692,137
	Contingent purchase price for assets related to management of the FBR Funds		$	19,193,595
	Capitalized transaction costs in current year		$	988,100

	Management contracts balance at 9/30/2013		$	62,431,018

	Contingent purchase price payment allocation:
	Current portion		$	7,567,712
	Long-term portion		$	11,625,883


	Total		$	19,193,595

Summary of Status of Stock Options Granted	'
	A summary of the status of stock options granted is presented in the following table for the fiscal years ended September 30, 2013 and 2012:


			Number Of			Weighted Avg.		Weighted Avg.	Aggregate
			Options			Exercise		Remaining	Intrinsic
						Price		Contractual Term	Value

	Outstanding at 9/30/2011			645,050		$	4.43	1.82 years	$	0

	Granted			—			—
	Exercised			(5,000	)	$	2.97
	Forfeited			—			—
	Expired			(206,612	)	$	2.97


	Outstanding at 9/30/2012			433,438		$	5.14	1.45 years	$	0

	Granted			—			—
	Exercised			(247,440	)	$	3.67
	Forfeited			—			—
	Expired			—			—


	Outstanding at 9/30/2013			185,998		$	7.09	1.05 years	$	442,148


	Exercisable at 9/30/2013			185,998		$	7.09	1.05 years	$	442,148

Schedule of Non-Vested Restricted Stock Units Activity	'
	The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. RSU activity for the years ended September 30, 2013 and 2012 was as follows:


			Restricted Stock Unit Activity
			Years Ended September 30, 2013 and 2012
			Number of Restricted			Weighted Avg.
			Share Units			Fair Value at
						Each Date
	Non-vested Balance at September 30, 2011			15,949		$	5.28

	Granted			—		$	—

	Vested (1)			(14,512	)	$	3.52

	Forfeited			(375	)	$	2.66

	Non-vested Balance at September 30, 2012			1,062		$	2.59

	Granted			60,000		$	8.61

	Vested (1)			(1,687	)	$	4.9

	Forfeited			—		$	—

	Non-vested Balance at September 30, 2013			59,375		$	8.61


	-1	The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were 12,127 and 13,406 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2013 and 2012, respectively.
Schedule of Non-Vested Restricted Stock Units Compensation	'

	Restricted Stock Unit Compensation
	Fiscal Year Ended September 30, 2013
			(In Thousands)
	Total expected compensation expense related to Restricted Stock Units		$	2,667

	Compensation Expense recognized as of September 30, 2013			(2,156	)

	Unrecognized compensation expense related to RSU’s at September 30, 2013		$	511

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	12 Months Ended
Fair Value Measurement (Tables)	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Assets Categorized on Basis of Various Levels	'
	Based on the standard’s definitions, the following table represents the Company’s financial assets categorized in the level 1 to 3 hierarchy as of September 30, 2013:


		Fair Value Measurements at Reporting Date
		(amounts in thousands)
		Level 1		Level 2		Level 3		Total

	Money market fund deposits	$	7,377	$	—	$	—	$	7,377
	Mutual fund investments		7		—		—		7

	Total	$	7,384	$	—	$	—	$	7,384


	Amounts included in:
	Cash and cash equivalents	$	7,377	$	—	$	—	$	7,377
	Investments in marketable securities		7		—		—		7

	Total	$	7,384	$	—	$	—	$	7,384

Investments_Tables

Investments (Tables)	12 Months Ended
Investments (Tables)	Sep. 30, 2013
Investments Debt And Equity Securities [Abstract]	'
Trading Investment Details	'
	The cost, gross unrealized gains, gross unrealized losses, and fair market value of the Company’s trading investment at the years ended September 30 is as follows:


		Cost		Gross		Gross			Total
				Unrealized		Unrealized
				Gains		Losses
	(in thousands)
	2013

	Mutual fund investments	$	4	$	15	$	(12	)	$	7

	Total	$	4	$	15	$	(12	)	$	7


	2012

	Mutual fund investments	$	4	$	14	$	(12	)	$	6

	Total	$	4	$	14	$	(12	)	$	6

Property_and_Equipment_Tables

Property and Equipment (Tables)	12 Months Ended
Property and Equipment (Tables)	Sep. 30, 2013
Property Plant And Equipment [Abstract]	'
Property and Equipment	'
	Property and equipment were comprised of the following at the fiscal years ended:


		September 30,
		2013		2012

	Equipment	$	228,829	$	142,747
	Leasehold improvements		122,714		122,714
	Furniture and fixtures		167,910		135,902
	IT Infrastructure		52,908		46,538
	Software		123,857		58,922

			696,218		506,823

	Less: accumulated depreciation		438,317		358,487


		$	257,901	$	148,336

Subsequent_Event_Tables

Subsequent Event (Tables)	12 Months Ended
Subsequent Event (Tables)	Sep. 30, 2013
Schedule of Note Maturities	'
	The note maturity schedule is as follows:


	Years ended September 30:

	2014	$	1,840,000
	2015		1,840,000
	2016		1,840,000
	2017		1,840,000
	2018		9,506,667


	Total	$	16,866,667

Future Amortization Expense	'
	Future amortization expense is as follows:


	Years ended September 30:

	2014	$	48,475
	2015	$	48,475
	2016	$	48,475
	2017	$	48,475
	2018		3,518


	Total	$	197,418

Subsequent Event [Member]	'
Schedule of Note Maturities	'
	The note maturity schedule is as follows:


	Years ended September 30:

	2014	$	3,125,000
	2015		3,750,000
	2016		3,750,000
	2017		3,750,000
	2018		15,625,000


	Total	$	30,000,000

Future Amortization Expense	'
	Future amortization expense is as follows:


	Years ended September 30:

	2014	$	79,287
	2015	$	86,495
	2016	$	86,495
	2017	$	86,495
	2018		7,208


	Total	$	345,980

Summary of Annual Minimum Future Rental Commitments	'
	The total annual minimum future rental commitments under the lease, as amended, and the Company’s sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts for future fiscal years ending September 30, 2017 are as follows:

	Fiscal Year
	2014		253,499
	2015		361,347
	2016		344,298
	2017		174,620

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Provision for Income Taxes	'
	The provision for income taxes is comprised of the following for the fiscal years ended September 30, 2013 and 2012:


		2013			2012
	Current
	Federal	$	1,652,900		$	78,900
	State		379,300			28,600


			2,032,200			107,500

	Deferred
	Federal		1,060,900			531,700
	State		238,400			122,100

			1,299,300			653,800

	Total	$	3,331,500		$	761,300

Principal Reasons for Differences from Federal Statutory Rate	'
	The principal reasons for the differences from the federal statutory rate of 34% are as follows:


		2013			2012
	Federal tax at statutory rate		34	%		34	%
	State tax at statutory rate		5.83			5.73
	Permanent and other differences		0.5			4.11
	Disallowed capital loss		0.54			—

	Effective Tax Rate		40.87	%		43.94	%

Tax Effects of Temporary Differences of Deferred Tax Assets and Liabilities	'
	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of September 30, 2013 and 2012 are presented below:


		2013			2012
	Current deferred tax assets:
	Accrued compensation	$	19,900		$	23,900
	Deferred rent		12,600			35,900
	State taxes		129,300			9,700
	Capital loss carryforward		110,400			—
	Charitable contribution carryover		—			96,200

	Total deferred tax assets		272,200			165,700
	Less: disallowed capital loss		(110,400	)		—

	Net deferred tax assets		161,800			165,700

	Noncurrent deferred tax liabilities:
	Net Operating Loss		—			44,800
	Property and equipment		(46,000	)		(7,300	)
	Management contracts		(5,779,000	)		(4,566,600	)

	Total deferred tax liabilities		(5,825,000	)		(4,529,100	)


	Net deferred tax liabilities	$	(5,663,200	)	$	(4,363,400	)

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Computation of Diluted Earnings Per Share	'
	the computation of diluted earnings per share were as follows for the years ended:


		September 30,
		2013		2012
	Weighted average common stock outstanding		5,810,431		5,742,931

	Common stock equivalents – stock options and RSU’s		—		11,405

			5,810,431		5,754,336

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2013
Commitments And Contingencies Disclosure [Abstract]	'
Annual Minimum Future Rental Commitments	'
	The annual minimum future rental commitments under the lease and sub-lease as of September 30, 2013 and for future fiscal years ending September 30, 2015 are as follows:


	Fiscal Year

	2014		253,499
	2015		26,933

	Total	$	280,432

Summary_of_the_Organization_De3

Summary of the Organization, Description of Business and Significant Accounting Policies - Additional Information (Detail) (USD $)

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

Jan. 17, 2013

Oct. 26, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2011

Nov. 05, 2013

Oct. 26, 2012

Sep. 30, 2013

Oct. 28, 2013

Sep. 30, 2013

Funds

FBR Funds [Member]

Stock Appreciation Right [Member]

Incentive Stock Option Plan [Member]

Restricted Stock Units (RSUs) [Member]

Minimum [Member]

Maximum [Member]

Partnership Organization And Basis Of Presentation [Line Items]

Number of Hennessy Funds

Unrealized gains

$3,000

$7,000

Number of mutual funds

Management contracts impairment amount

Number of funds acquired

Acquisition of FBR & Co. (FBRC) deal

2,200,000,000

Additional loan borrowed

16,300,000

13,286,666

Payments to acquire management contract rights through available cash

3,400,000

Additional capitalized transaction cost

1,200,000

200,000

Initial payment based upon the net asset value of the FBR Funds

19,692,137

Contingent payment based upon the net asset value of the FBR Funds

19,193,595

Contingent payment due under the Asset Purchase Agreement

19,193,595

Long term liability

11,625,883

Estimated useful lives of assets

'P1Y

'P10Y

Unrecognized tax benefits

Interest and penalties related to unrecognized tax benefits

Effective tax rates

40.90%

43.90%

Principal reasons for differences from the federal statutory rate

34.00%

Common stock equivalents (antidilutive) excluded from per share calculation

245,998

433,438

Shares available for issuance

50.00%

Share based compensation percentage criteria description

'More than 50% of the outstanding shares

Aggregate number of shares

50,000

Date of grant remaining term of option

'10 years

Stock option granted to fair value

10.00%

Percentage of exercise price of fair value

110.00%

Maximum Vesting Period

'4 years

'5 years

Maximum aggregate fair market value of shares

100,000

Shares grant period

'10 years

Option Reserve for Common Stock

2,043,791

Option vested and exercisable

185,998

Weighted average exercise price

$7.09

Number of Options Exercised

247,440

5,000

Number of options fully vested and exercisable

185,998

433,438

645,050

Restricted stock units, granted

60,000

Rate of restricted stock units vest under plan

25.00%

compensation expense related to non-vested awards not yet recognized

$500,000

Recognition of Compensation Expenses

'4 years

Summary_of_the_Organization_De4

Summary of the Organization, Description of Business and Significant Accounting Policies - Schedule of Contingent Payment Due Under Asset (Detail) (USD $)	0 Months Ended	12 Months Ended
	Nov. 05, 2013	Sep. 30, 2013
Acquired Indefinite-lived Intangible Assets [Line Items]	'	'
Management contracts, Beginning balance	'	$22,557,186
Capitalized transaction costs in current year	'	988,100
Management contracts, Ending balance	'	62,431,018
Contingent purchase price payment allocation:	'	'
Current portion	'	7,567,712
Long-term portion	'	11,625,883
Total	'	19,193,595
FBR Funds [Member]	'	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'	'
Initial purchase price for assets related to management of the FBR Funds	'	19,692,137
Contingent purchase price for assets related to management of the FBR Funds	'	19,193,595
Contingent purchase price payment allocation:	'	'
Long-term portion	'	11,625,883
Total	$19,193,595	'

Summary_of_the_Organization_De5

Summary of the Organization, Description of Business and Significant Accounting Policies - Summary of Status of Stock Options Granted (Detail) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2011
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'	'	'
Number of Options, Outstanding, Beginning Balance	433,438	645,050	'
Number of options, granted	'	'	'
Number of options, exercised	-247,440	-5,000	'
Number of options, forfeited	'	'	'
Number of options, expired	'	-206,612	'
Number of options, outstanding, ending balance	185,998	433,438	645,050
Weighted avg. exercise price, outstanding, beginning balance	$5.14	$4.43	'
Number of options, exercisable	185,998	'	'
Weighted avg. exercise price, granted	'	'	'
Weighted avg. exercise price, exercised	$3.67	$2.97	'
Weighted avg. exercise price, forfeited	'	'	'
Weighted avg. exercise price, expired	'	$2.97	'
Weighted avg. exercise price, Outstanding, ending Balance	$7.09	$5.14	$4.43
Weighted avg. remaining contractual term, outstanding	'1 year 18 days	'1 year 5 months 12 days	'1 year 9 months 26 days
Weighted avg. exercise price, exercisable	$7.09	'	'
Weighted avg. remaining contractual term, exercisable	'1 year 18 days	'1 year 5 months 12 days	'1 year 9 months 26 days
Aggregate intrinsic value, outstanding, beginning balance	$0	$0	'
Aggregate intrinsic value, outstanding, ending balance	442,148	0	0
Aggregate intrinsic value, exercisable	$442,148	'	'

Summary_of_the_Organization_De6

Summary of the Organization, Description of Business and Significant Accounting Policies - Schedule of Non-Vested Restricted Stock Units Activity (Detail) (Restricted Stock Unit Activity [Member], USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Non-vested Beginning Balance, Number of Restricted Share Units	1,062	15,949
Granted, Number of Restricted Share Units	60,000	'
Vested, Number of Restricted Share Units	-1,687	-14,512
Forfeited, Number of Restricted Share Units	'	-375
Non-vested Ending Balance, Number of Restricted Share Units	59,375	1,062
Non-vested Beginning Balance, Weighted Avg. Fair Value Per Share at Each Date	$2.59	$5.28
Granted, Weighted Avg. Fair Value Per Share at Each Date	$8.61	'
Vested, Weighted Avg. Fair Value Per Share at Each Date	$4.90	$3.52
Forfeited, Weighted Avg. Fair Value Per Share at Each Date	'	$2.66
Non-vested Ending Balance, Weighted Avg. Fair Value Per Share at Each Date	$8.61	$2.59

Summary_of_the_Organization_De7

Summary of the Organization, Description of Business and Significant Accounting Policies - Schedule of Non-Vested Restricted Stock Units Activity (Parenthetical) (Detail)	Sep. 30, 2013	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of common stock issued for restricted stock units vested	5,898,756	5,759,857
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of common stock issued for restricted stock units vested	12,127	13,406

Summary_of_the_Organization_De8

Summary of the Organization, Description of Business and Significant Accounting Policies - Schedule of Non-Vested Restricted Stock Units Compensation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total expected compensation expense related to Restricted Stock Units	$8	$52
Unrecognized compensation expense related to RSU's at September 30, 2013	500	'
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total expected compensation expense related to Restricted Stock Units	2,667	'
Compensation Expense recognized as of September 30, 2013	-2,156	'
Unrecognized compensation expense related to RSU's at September 30, 2013	$511	'

Investment_Advisory_Agreements1

Investment Advisory Agreements - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2013
	Funds
Investments Schedule [Abstract]	'
Number of Hennessy funds to which company provided investment advisory services	16
Notice period for termination of agreement	'60 days

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets Categorized on Basis of Various Levels (Detail) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	$7,384
Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7,377
Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7,377
Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Level 1 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7,384
Level 1 [Member] \| Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7,377
Level 1 [Member] \| Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Level 1 [Member] \| Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7,377
Level 1 [Member] \| Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Level 2 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 2 [Member] \| Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 2 [Member] \| Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 2 [Member] \| Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 2 [Member] \| Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 3 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 3 [Member] \| Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 3 [Member] \| Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 3 [Member] \| Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'
Level 3 [Member] \| Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	'

Investments_Trading_Investment

Investments - Trading Investment Details (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Investment [Line Items]	'	'
Cost	$4	$4
Gross Unrealized Gains	15	14
Gross Unrealized Losses	-12	-12
Total	7	6
Mutual Fund Investments [Member]	'	'
Investment [Line Items]	'	'
Cost	4	4
Gross Unrealized Gains	15	14
Gross Unrealized Losses	-12	-12
Total	$7	$6

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	0 Months Ended
Investments - Additional Information (Detail) (USD $)	Dec. 14, 2012	Sep. 30, 2012	Oct. 30, 2007
Investments Schedule [Abstract]	'	'	'
Investment in Micro Cap Fund	'	$404,000	$500,000
Realized loss on sale of investment in Micro Cap Fund	$110,000	'	'

Property_and_Equipment_Propert

Property and Equipment - Property and Equipment (Detail) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Property, Plant and Equipment [Line Items]	'	'
Equipment	$696,218	$506,823
Less: accumulated depreciation	438,317	358,487
Property and equipment, net	257,901	148,336
Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	228,829	142,747
Leasehold Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	122,714	122,714
Furniture and Fixtures [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	167,910	135,902
IT Infrastructure [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	52,908	46,538
Software [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	$123,857	$58,922

Management_Contracts_Additiona

Management Contracts - Additional Information (Detail) (USD $)	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Management Contracts [Abstract]	'	'
Intangible Asset	$62,431	$22,557

Bank_Loan_Additional_Informati

Bank Loan - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	12 Months Ended
	Jun. 30, 2013	Oct. 26, 2012	Sep. 30, 2013	Sep. 30, 2012
	Jun. 30, 2013	Oct. 26, 2012	Installment	Sep. 30, 2012
Debt Instrument [Line Items]	'	'	'	'
Additional borrowings	'	$16,300,000	'	'
Long-term loan outstanding principal balance	'	1,900,000	16,866,667	1,900,000
Total loan amount after amendment	'	18,400,000	'	'
Monthly payments	'	'	'59 Months	'
Number of monthly installment payable	'	'	59	'
Required monthly loan principal repayment	'	'	153,333	'
Effective interest rate Current	'	'	3.25%	'
Spread on reference rate	'	'	0.75%	'
Effective interest rate on debt	'	'	4.00%	'
Final installment date	'	'	26-Oct-17	'
Amortized loan costs	250,000	'	250,000	'
Amortized cost on straight-line basis in months	'60 months	'	'60 months	'
Unamortized loan cost	'	'	200,000	'
Adjustment made to loan for loan modification or exchange	'	0	'	'
Amortization expenses	'	'	44,956	6,295
Notes [Member]	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'
Long-term loan outstanding principal balance	'	'	$30,000,000	'

Bank_Loan_Schedule_of_Note_Mat

Bank Loan - Schedule of Note Maturity (Detail) (USD $)	Sep. 30, 2013	Oct. 26, 2012	Sep. 30, 2012
Debt Disclosure [Abstract]	'	'	'
2014	$1,840,000	'	'
2015	1,840,000	'	'
2016	1,840,000	'	'
2017	1,840,000	'	'
2018	9,506,667	'	'
Total	$16,866,667	$1,900,000	$1,900,000

Bank_Loan_Future_Amortization_

Bank Loan - Future Amortization Expense (Detail) (USD $)	Sep. 30, 2013
Debt Disclosure [Abstract]	'
2014	$48,475
2015	48,475
2016	48,475
2017	48,475
2018	3,518
Total	$197,418

Income_Taxes_Provision_for_Inc

Income Taxes - Provision for Income Taxes (Detail) (USD $)	12 Months Ended
Income Taxes - Provision for Income Taxes (Detail) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Current	'	'
Federal	$1,652,900	$78,900
State	379,300	28,600
Total	2,032,200	107,500
Deferred	'	'
Federal	1,060,900	531,700
State	238,400	122,100
Deferred income tax expense (benefit), total	1,299,300	653,800
Total	$3,331,500	$761,300

Income_Taxes_Principal_Reasons

Income Taxes - Principal Reasons for Differences from Federal Statutory Rate (Detail)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]	'	'
Federal tax at statutory rate	34.00%	34.00%
State tax at statutory rate	5.83%	5.73%
Permanent and other differences	0.50%	4.11%
Disallowed capital loss	0.54%	'
Effective Tax Rate	40.87%	43.94%

Income_Taxes_Tax_Effects_of_Te

Income Taxes - Tax Effects of Temporary Differences of Deferred Tax Assets and Liabilities (Detail) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Current deferred tax assets:	'	'
Accrued compensation	$19,900	$23,900
Deferred rent	12,600	35,900
State taxes	129,300	9,700
Capital loss carryforward	110,400	'
Charitable contribution carryover	'	96,200
Total deferred tax assets	272,200	165,700
Less: disallowed capital loss	-110,400	'
Net deferred tax assets	161,800	165,700
Noncurrent deferred tax liabilities:	'	'
Net Operating Loss	'	44,800
Property and equipment	-46,000	-7,300
Management contracts	-5,779,000	-4,566,600
Total deferred tax liabilities	-5,825,000	-4,529,100
Net deferred tax liabilities	($5,663,200)	($4,363,400)

Earnings_Per_Share_Computation

Earnings Per Share - Computation of Diluted Earnings Per Shares (Detail)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]	'	'
Weighted average common stock outstanding	5,810,431	5,742,931
Common stock equivalents - stock options and RSU's	'	11,405
Total diluted earning per shares	5,810,431	5,754,336

Earning_Per_Share_Additional_I

Earning Per Share - Additional Information (Detail)	12 Months Ended
Earning Per Share - Additional Information (Detail)	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]	'	'
Common stock equivalents (antidilutive) excluded from per share calculation	245,998	433,438

Commitments_and_Contingencies_1

Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended
	Sep. 30, 2013
Loss Contingencies [Line Items]	'
Annual minimum future rental commitments	$280,432
California [Member]	'
Loss Contingencies [Line Items]	'
New lease expiration date	31-Mar-14
Lease extension term under option one	'3 years
Lease extension term under option two	'5 years
Annual minimum future rental commitments	168,854
Monthly straight-line rent expense for the remaining term of the lease	22,869
Massachusetts [Member]	'
Loss Contingencies [Line Items]	'
New lease expiration date	15-Jan-15
Annual minimum future rental commitments	111,578
Monthly straight-line rent expense for the remaining term of the lease	$7,695

Commitments_and_Contingencies_2

Commitments and Contingencies - Annual Minimum Future Rental Commitments (Detail) (USD $)	Sep. 30, 2013
Commitments And Contingencies Disclosure [Abstract]	'
2014	$253,499
2015	26,933
Total	$280,432

Concentration_of_Credit_Risk_A

Concentration of Credit Risk - Additional Information (Detail) (USD $)	Sep. 30, 2013
In Millions, unless otherwise specified	Sep. 30, 2013
Concentration Risk [Line Items]	'
Deposit amount exceeding the FDIC insurance limit	$0.97
First American Prime Obligations Fund [Member]	'
Concentration Risk [Line Items]	'
Uninsured amount of cash and cash equivalents	5.7
UBS [Member]	'
Concentration Risk [Line Items]	'
Uninsured amount of cash and cash equivalents	$1.50

Subsequent_Event_Additional_in

Subsequent Event - Additional information (Detail) (USD $)	12 Months Ended
Subsequent Event - Additional information (Detail) (USD $)	Sep. 30, 2013	Oct. 26, 2012
Subsequent Event [Line Items]	'	'
Lease agreement minimum future rental commitment under this lease	$280,432	'
Total loan amount after additional borrowing	'	18,400,000
Effective interest rate Current	3.25%	'
Spread on reference rate	0.75%	'
Effective interest rate	4.00%	'
Due date of final installment of additional loan	26-Oct-17	'
Unamortized loan costs balance	197,418	'
Subsequent Event [Member]	'	'
Subsequent Event [Line Items]	'	'
Lease agreement extended period of operating lease	'3 years	'
Lease agreement subsequent renewal period	'5 years	'
Lease agreement minimum future rental commitment under this lease	853,335	'
Rent expense for remaining period of lease	23,703.68	'
Extended operating lease expiration date	31-Mar-17	'
Loan costs incurred	152,602	'
Unamortized loan costs balance	345,980	'
Period to amortize loan fee	'48 months	'
Loan amendment date	1-Nov-13	'
Subsequent Event [Member] \| Notes [Member]	'	'
Subsequent Event [Line Items]	'	'
Increase in outstanding loan	13,133,333	'
Total loan amount after additional borrowing	30,000,000	'
Number of Monthly Installments	47	'
Required monthly loan principal repayment	312,500	'
Effective interest rate Current	3.25%	'
Spread on reference rate	0.75%	'
Effective interest rate	4.00%	'
Due date of final installment of additional loan	26-Oct-17	'
Unamortized loan costs balance	$345,980	'

Subsequent_Event_Summary_of_An

Subsequent Event - Summary of Annual Minimum Future Rental Commitments (Detail) (USD $)	Sep. 30, 2013
Subsequent Event [Line Items]	'
2014	$253,499
2015	26,933
Subsequent Event [Member]	'
Subsequent Event [Line Items]	'
2014	253,499
2015	361,347
2016	344,298
2017	$174,620

Subsequent_Event_Schedule_of_N

Subsequent Event - Schedule of Note Maturity (Detail) (USD $)	Sep. 30, 2013	Oct. 26, 2012	Sep. 30, 2012
Subsequent Event [Line Items]	'	'	'
2014	$1,840,000	'	'
2015	1,840,000	'	'
2016	1,840,000	'	'
2017	1,840,000	'	'
2018	9,506,667	'	'
Total	16,866,667	1,900,000	1,900,000
Notes [Member]	'	'	'
Subsequent Event [Line Items]	'	'	'
Total	30,000,000	'	'
Subsequent Event [Member] \| Notes [Member]	'	'	'
Subsequent Event [Line Items]	'	'	'
2014	3,125,000	'	'
2015	3,750,000	'	'
2016	3,750,000	'	'
2017	3,750,000	'	'
2018	15,625,000	'	'
Total	$30,000,000	'	'

Subsequent_Event_Future_Amorti

Subsequent Event - Future Amortization Expense (Detail) (USD $)	Sep. 30, 2013
Subsequent Event [Line Items]	'
2014	$48,475
2015	48,475
2016	48,475
2017	48,475
2018	3,518
Total	197,418
Subsequent Event [Member]	'
Subsequent Event [Line Items]	'
Total	345,980
Subsequent Event [Member] \| Notes [Member]	'
Subsequent Event [Line Items]	'
2014	79,287
2015	86,495
2016	86,495
2017	86,495
2018	7,208
Total	$345,980