Hennessy Advisors (HNNA) 10-K 2 Dec 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Sep. 30, 2014	Oct. 31, 2014	Mar. 31, 2014
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	30-Sep-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'HNNA	'	'
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	'	6,024,621	'
Entity Public Float	'	'	$40,848,429

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2014	Sep. 30, 2013
Current assets:	'	'
Cash and cash equivalents	$7,645,000	$8,406,000
Investments in marketable securities, at fair value	7,000	7,000
Investment fee income receivable	3,142,000	2,402,000
Prepaid expenses	601,000	269,000
Deferred income tax asset	342,000	162,000
Other current assets	444,000	436,000
Total current assets	12,181,000	11,682,000
Property and equipment, net of accumulated depreciation of $554 and $438, respectively	240,000	258,000
Management contracts	62,489,000	62,431,000
Other assets, net of accumulated amortization of $242 and $159, respectively	405,000	363,000
Total assets	75,315,000	74,734,000
Current liabilities:	'	'
Accrued liabilities and accounts payable	3,538,000	3,085,000
Income taxes payable	0	44,000
Deferred rent	142,000	32,000
Current portion of long-term debt	3,750,000	1,840,000
Current portion of payment due	0	7,468,000
Total current liabilities	7,430,000	12,469,000
Long-term debt, net of current portion	22,972,000	15,027,000
Long-term portion of payment due	0	11,626,000
Deferred income tax liability	7,499,000	5,825,000
Total liabilities	37,901,000	44,947,000
Commitments and Contingencies (Note 10)	'	'
Stockholders' equity:	'	'
Adjustable rate preferred stock, $25 stated value, 5,000,000 shares authorized: zero shares issued and outstanding	0	0
Common stock, no par value, 15,000,000 shares authorized: 6,019,276 shares issued and outstanding at September 30, 2014 and 5,898,756 at September 30, 2013	10,852,000	9,948,000
Retained earnings	26,562,000	19,839,000
Total stockholders' equity	37,414,000	29,787,000
Total liabilities and stockholders' equity	$75,315,000	$74,734,000

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Property and equipment, accumulated depreciation	$554	$438
Other assets, accumulated amortization	$242	$159
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	6,019,276	5,898,756
Common stock, shares outstanding	6,019,276	5,898,756

Statements_of_Income

Statements of Income (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Revenue	'	'
Investment advisory fees	$33,581	$23,423
Shareholder service fees	945	885
Total revenue	34,526	24,308
Operating expenses	'	'
Compensation and benefits	7,413	6,665
General and administrative	4,365	3,117
Mutual fund distribution	2,450	1,467
Sub-advisor fees	5,910	3,942
Amortization and depreciation	242	188
Total operating expenses	20,380	15,379
Operating income	14,146	8,929
Interest expense	1,085	668
Other income (expense), net	-1	109
Income before income tax expense	13,062	8,152
Income tax expense	5,395	3,332
Net income	$7,667	$4,820
Earnings per share:	'	'
Basic	$1.31	$0.83
Diluted	$1.30	$0.83
Weighted average shares outstanding:	'	'
Basic	5,856,309	5,810,431
Diluted	5,896,733	5,810,431
Cash dividends declared per share:	$0.15	$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
Beginning balance at Sep. 30, 2012	$25,224	$9,584	$15,748	($108)
Beginning 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
Employee and director stock options exercised	911	911	'	'
Employee and 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	0	'	'	'
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 and stock option exercises	298	298	'	'
Ending balance at Sep. 30, 2013	29,787	9,948	19,839	'
Ending balance, shares at Sep. 30, 2013	'	5,898,756	'	'
Net income	7,667	'	7,667	'
Dividends paid	-898	'	-898	'
Employee and director stock options exercised	1,318	1,318	'	'
Employee and director stock options exercised, Shares	-185,998	186,004	'	'
Repurchase of employee and director stock options to pay for option exercise	-900	-900	'	'
Repurchase of employee and director stock options to pay for option exercise, Shares	'	-69,227	'	'
Repurchase of employee stock to pay for option exercise	-104	-104	'	'
Repurchase of employee stock to pay for option exercise, Shares	'	-6,757	'	'
Employee and director restricted stock vested	0	'	'	'
Employee and director restricted stock vested, Shares	'	15,000	'	'
Repurchase of vested employee restricted stock for tax withholding	-85	-39	-46	'
Repurchase of vested employee restricted stock for tax withholding, Shares	'	-4,500	'	'
Deferred restricted stock unit compensation	202	202	'	'
Tax effect of restricted stock unit vesting and stock option exercises	427	427	'	'
Ending balance at Sep. 30, 2014	$37,414	$10,852	$26,562	'
Ending balance, shares at Sep. 30, 2014	'	6,019,276	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$7,667	$4,820
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	242	188
Deferred income taxes	1,494	1,300
Tax effect from restricted stock units and stock options	427	298
Restricted stock units repurchased for employee tax withholding	-85	-1
Deferred restricted stock unit compensation	202	8
Unrealized gains on marketable securities	-1	0
Realized loss on liquidation of available for sale security	0	108
(Increase) decrease in operating assets:	'	'
Investment fee income receivable	-740	-1,759
Prepaid expenses	-332	-79
Other current assets	-8	-422
Other assets	28	-141
Increase (decrease) in operating liabilities:	'	'
Accrued liabilities and accounts payable	453	1,897
Income taxes payable	-44	-4
Current portion of deferred rent	110	-55
Net cash provided by operating activities	9,413	6,158
Cash flows used in investing activities:	'	'
Purchases of property and equipment	-140	-253
Payments related to acquisition of management contracts	-19,152	-20,680
Proceeds on liquidation of available for sale security	0	404
Net cash provided (used) in investing activities	-19,292	-20,529
Cash flows provided by (used in) financing activities:	'	'
Principal payments on bank loan	-3,432	-1,585
Proceeds from amended bank loan	13,287	16,525
Loan fee payments on amended bank loan	-153	-223
Proceeds from exercise of employee and director stock options	314	59
Dividend payments	-898	-729
Net cash provided by financing activities	9,118	14,047
Net (decrease) increase in cash and cash equivalents	-761	-324
Cash and cash equivalents at the beginning of the period	8,406	8,730
Cash and cash equivalents at the end of the period	7,645	8,406
Cash paid for:	'	'
Income taxes	3,519	1,779
Interest	$1,053	$617

Summary_of_the_Organization_De

Summary of the Organization, Description of Business and Significant Accounting Policies	12 Months Ended
	Sep. 30, 2014
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 16 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 Hennessy Large 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 by providing investment advisory services to 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, 2014, 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 $0.005 million and $0.003 million, respectively, were recognized in operations for fiscal years 2014 and 2013.
	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, 2014 or 2013.
	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 and are not impaired as of September 30, 2014.
	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 $1.3 million, of which $1.2 million was capitalized in prior years, 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 was 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 payment allocation:
	Current portion			7,567,712
	Long-term portion			11,625,883
	Capitalized transaction costs in fiscal year 2013			988,100
	Management contracts balance at 9/30/2013		$	62,431,018
	Capitalized transaction costs in fiscal year 2014			58,232
	Management contracts balance at 9/30/2014		$	62,489,250
		(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, 2014 and 2013. Accordingly, the fair values presented in the Company’s financial statements as of September 30, 2014 and 2013 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, 2014 and 2013. 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, Massachusetts, Texas, New Hampshire and North Carolina. The tax years ended in 2010 through 2013 remain open and subject to examination by the appropriate governmental agencies in the U.S.; the 2009 through 2013 tax years remain open in California; the 2011 through 2013 tax years remain open in Massachusetts and New Hampshire; and the 2013 tax year remains open in Texas.
	The Company’s effective tax rate of 41.3% and 40.9% for the fiscal years ended September 30, 2014 and 2013, 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 common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the earnings per share calculation for the fiscal year ended September 30, 2013 because they were anti-dilutive.
		(i)	Stock-Based Compensation
	Effective January 17, 2013, the Company established, and the Company’s shareholders approved, the 2013 Omnibus Incentive 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 and increasing shareholder value. The 2013 Omnibus Incentive Plan replaced the 2001 Omnibus Plan that the Company had previously adopted and had in place. On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”), pursuant to which amounts that a Plan participant is entitled to receive with respect to certain types of awards were increased as compared to the limitations included in the 2013 Omnibus Incentive Plan. 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, 2014.
	Under the Plan, participants may be granted restricted stock units (“RSUs”), representing 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 of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a 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. There were 77,800 and 60,000 RSUs granted during the fiscal years ended September 30, 2014 and 2013, respectively.
	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 for stock based compensation. All compensation costs related to RSUs vested during the fiscal years ended September 30, 2014 and 2013 have been recognized in its financial statements.
	The Company has available up to 3,009,638 shares of the Company’s common stock in respect of granted stock awards, in accordance with terms of the Plan. There are no outstanding stock options as of September 30, 2014. Through September 30, 2014, 433,444 options were exercised, leaving zero options 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, 2014 and 2013:
						Weighted Avg.		Weighted Avg.	Aggregate
			Number Of			Exercise		Remaining	Intrinsic
			Options			Price		Contractual Term	Value
	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
	Granted			—			—
	Exercised			(185,998	)	$	7.09
	Forfeited			—			—
	Expired			—			—
	Outstanding at 9/30/2014			—		$	0		$	0
	Exercisable at 9/30/2014			—		$	0		$	0
RSU activity for the fiscal years ended September 30, 2014 and 2013 was as follows:
		Restricted Stock Unit Activity
		Years Ended September 30, 2014 and 2013
					Weighted Avg.
		Number of Restricted			Fair Value at
		Share Units			Each Date
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
Granted			77,800		$	14.39
Vested (1)			(22,712	)	$	8.89
Forfeited			(1,500	)	$	9.01
Non-vested Balance at September 30, 2014			112,963		$	12.53
-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 10,500 and 12,127 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2014 and 2013, respectively.
Restricted Stock Unit Compensation
Fiscal Year Ended September 30, 2014
		(In Thousands)
Total expected compensation expense related to Restricted Stock Units		$	3,676
Compensation Expense recognized as of September 30, 2014			(2,358	)
Unrecognized compensation expense related to RSU’s at September 30, 2014		$	1,318
As of September 30, 2014, there was $1.3 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 3.4 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, 2014
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 16 Hennessy Funds. The management contracts must be renewed annually by (i) the Funds’ Board of Trustees 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 trustees of Hennessy Funds Trust who are not interested persons of the Hennessy Funds (the “disinterested trustees”). 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 16 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 Funds’ Board of Trustees.
	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
	Sep. 30, 2014
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, 2014:
			Fair Value Measurements at Reporting Date
			(amounts in thousands)
			Level 1		Level 2		Level 3		Total
	Money market fund deposits		$	6,039	$	—	$	—	$	6,039
	Mutual fund investments			7		—		—		7
	Total		$	6,046	$	—	$	—	$	6,046
	Amounts included in:
	Cash and cash equivalents		$	6,039	$	—	$	—	$	6,039
	Investments in marketable securities			7		—		—		7
	Total		$	6,046	$	—	$	—	$	6,046

Investments

Investments	12 Months Ended
	Sep. 30, 2014
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 investments at the fiscal years ended September 30, 2014 and 2013 was as follows:
			Cost		Gross		Gross			Total
					Unrealized		Unrealized
					Gains		Losses
	(in thousands)
	2014
	Mutual fund investments		$	4	$	15	$	(12	)	$	7
	Total		$	4	$	15	$	(12	)	$	7
	2013
	Mutual fund investments		$	4	$	15	$	(12	)	$	7
	Total		$	4	$	15	$	(12	)	$	7
	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 fiscal year ended September 30, 2013.

Property_and_Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2014
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, 2014 and 2013:
			September 30,
			2014			2013
	Equipment		$	277,376		$	228,829
	Leasehold improvements			122,714			122,714
	Furniture and fixtures			173,328			167,910
	IT Infrastructure			59,173			52,908
	Software			161,662			123,857
				794,253			696,218
	Less: accumulated depreciation			(554,196	)		(438,317	)
			$	240,057		$	257,901

Management_Contracts

Management Contracts	12 Months Ended
	Sep. 30, 2014
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 $62.5 million as of September 30, 2014, compared to $62.4 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
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Bank Loan	'
	-7	Bank Loan
	The Company has an outstanding bank loan with U.S. Bank National Association. Immediately prior to October 26, 2012, the loan had an outstanding principal balance of $1.9 million. On October 26, 2012, in connection with the purchase of the assets related to the management of the FBR Funds, the Company funded part of the purchase price by entering into an amended and restated loan agreement, bringing the total loan balance to $18.4 million. The amended and restated loan agreement required 59 monthly payments in the amount of $153,333 plus interest at U.S. Bank National Association’s prime rate (currently 3.25%, in effect since December 17, 2008) plus 0.75% (for an effective interest rate of 4.00%) and was secured by the Company’s assets. The final installment of the then-outstanding principal and interest would have been due October 26, 2017.
	On November 1, 2013, in connection with the second and final payment for the purchase of the assets related to the management of the FBR Funds, the Company amended the loan agreement to bring the total loan balance to $30.0 million. The amended loan agreement requires 47 monthly payments in the amount of $312,500 plus interest at the U.S. Bank National Association’s prime rate, as set from time to time (currently 3.25%, in effect since December 17, 2008) plus 0.75% (effective interest rate of 4.00%) and is secured by our assets. The final installment of the then-outstanding principal and interest is due October 26, 2017. The note maturity schedule is as follows:
	Years ended September 30:
	2015		$	3,750,000
	2016			3,750,000
	2017			3,750,000
	2018			15,471,667
	Total		$	26,721,667
	The amended and restated loan as of October 26, 2012 was 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 amended loan as of November 1, 2013 was not considered “substantially different” from the original loan and therefore an evaluation under EITF 96-19 was not necessary.
	The amended 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, 2014 and 2013.
	In connection with securing the financings discussed above, the Company incurred loan costs in the amount of $0.38 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, 2014 was $83,327 compared to $44,956 for the prior comparable period. Future amortization expense is as follows:
	Years ended September 30:
	2015		$	86,495
	2016			86,495
	2017			86,495
	2018			7,208
	Total		$	266,693

Income_Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	-8	Income Taxes
	The provision for income taxes was comprised of the following for the fiscal years ended September 30, 2014 and 2013:
			2014			2013
	Current
	Federal		$	3,080,100		$	1,652,900
	State			821,100			379,300
				3,901,200			2,032,200
	Deferred
	Federal			1,312,000			1,060,900
	State			181,900			238,400
				1,493,900			1,299,300
	Total		$	5,395,100		$	3,331,500
	The principal reasons for the differences from the federal statutory rate of 34% are as follows:
			2014			2013
	Federal tax at statutory rate			34	%		34	%
	True-up of prior year’s tax provision			1.4			—
	State tax at statutory rate			5.5			5.8
	Permanent and other differences			0.4			0.5
	Disallowed capital loss			—			0.6
	Effective Tax Rate			41.3	%		40.9	%
	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of September 30, 2014 and 2013 are presented below:
			2014			2013
	Current deferred tax assets:
	Accrued compensation		$	25,800		$	19,900
	Deferred rent			56,200			12,600
	State taxes			260,300			129,300
	Capital loss carryforward			10,500			110,400
	Unrealized gains			(300	)		—
	Total deferred tax assets			352,500			272,200
	Less: disallowed capital loss			(10,500	)		(110,400	)
	Net deferred tax assets			342,000			161,800
	Noncurrent deferred tax liabilities:
	Stock based compensation			25,700			—
	Property and equipment			(38,500	)		(46,000	)
	Management contracts			(7,486,200	)		(5,779,000	)
	Total deferred tax liabilities			(7,499,000	)		(5,825,000	)
	Net deferred tax liabilities		$	(7,157,000	)	$	(5,663,200	)
	The tax benefits in 2014 and 2013 for share based compensation awards that will result in future tax deductions are included in deferred tax assets. The Company accounts for Additional Paid in Capital (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
	Sep. 30, 2014
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 fiscal years ended September 30, 2014 and 2013:
			September 30,
			2014		2013
	Weighted average common stock outstanding			5,856,309		5,810,431
	Common stock equivalents - stock options and RSU’s			40,424		—
				5,896,733		5,810,431
	There were 245,998 of common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the per share calculations for the fiscal year ended September 30, 2013 because they were anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2014
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 lease expires on March 31, 2017, with one five-year extension available thereafter. The minimum future rental commitment under this lease as of September 30, 2014 is $518,918 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 office space in Boston, Massachusetts. The Company’s current office is located in leased office space under a single non-cancelable operating sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts 02110. The sub-leaseexpires on 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, 2014 is $26,933 for the remaining term of the lease. The straight-line rent expense is $7,695 per month for the remaining term of the lease.
	In anticipation of the upcoming termination of our current sub-lease in Boston, Massachusetts, the Company recently entered into a single non-cancelable operating lease for office space at 101 Federal Street, Suite 1900, Boston, Massachusetts 02110. The initial term of the lease began December 1, 2014 and expires on November 30, 2015, but will automatically renew for successive one-year periods unless either party terminates the lease by providing at least three months’ notice of termination to the other party prior to the next renewal date. The future rental commitment under this lease as of September 30, 2014 is $62,800 for the remaining term of the lease. The straight-line rent expense is $5,233 per month for the remaining term of the lease.
	The Company also has office space under a single non-cancelable operating lease at 1340 Environ Way, #305, Chapel Hill, North Carolina 27517. The initial term of the lease expired on November 30, 2014, but automatically renews for successivethree-month periods unless either party terminates the lease by providing at least two months’ notice of termination to the other party prior to the next renewal date. The future rental commitment under this lease as of September 30, 2014 is $3,158 for the remaining term of the lease. The straight-line rent expense is $1,579 per month for the remaining term of the lease.
	The annual minimum future rental commitments under the foregoing leases and sub-lease as of September 30, 2014 and for future fiscal years ending September 30, 2017 are as follows:
	Fiscal Year
	2015			366,868
	2016			294,911
	2017			142,222
	Total		$	804,001

Concentration_of_Credit_Risk

Concentration of Credit Risk	12 Months Ended
	Sep. 30, 2014
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, 2014 exceeded the insurance limits of the Federal Deposit Insurance Corporation by approximately $1.62 million. In addition, total cash and cash equivalents include $5.9 million held in the First American Prime Obligations Fund that is 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, 2014
Accounting Changes and Error Corrections [Abstract]	'
New Accounting Pronouncements	'
	-12	New Accounting Pronouncements
	In July 2013, the FASB issued an update to ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendment provides that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance provided by this update is effective for reporting periods beginning on or after December 15, 2013 (the second quarter of the Company’s fiscal year 2014). 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, 2014.

Summary_of_the_Organization_De1

Summary of the Organization, Description of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2014
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 16 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 Hennessy Large 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 by providing investment advisory services to 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, 2014, 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 $0.005 million and $0.003 million, respectively, were recognized in operations for fiscal years 2014 and 2013.
	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, 2014 or 2013.
	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 and are not impaired as of September 30, 2014.
	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 $1.3 million, of which $1.2 million was capitalized in prior years, 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 was 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 payment allocation:
	Current portion			7,567,712
	Long-term portion			11,625,883
	Capitalized transaction costs in fiscal year 2013			988,100
	Management contracts balance at 9/30/2013		$	62,431,018
	Capitalized transaction costs in fiscal year 2014			58,232
	Management contracts balance at 9/30/2014		$	62,489,250
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, 2014 and 2013. Accordingly, the fair values presented in the Company’s financial statements as of September 30, 2014 and 2013 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, 2014 and 2013. 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, Massachusetts, Texas, New Hampshire and North Carolina. The tax years ended in 2010 through 2013 remain open and subject to examination by the appropriate governmental agencies in the U.S.; the 2009 through 2013 tax years remain open in California; the 2011 through 2013 tax years remain open in Massachusetts and New Hampshire; and the 2013 tax year remains open in Texas.
	The Company’s effective tax rate of 41.3% and 40.9% for the fiscal years ended September 30, 2014 and 2013, 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 common stock equivalents, consisting of unexercised options and unvested RSUs, excluded from the earnings per share calculation for the fiscal year ended September 30, 2013 because they were anti-dilutive.
Stock-Based Compensation	'
	(i)	Stock-Based Compensation
	Effective January 17, 2013, the Company established, and the Company’s shareholders approved, the 2013 Omnibus Incentive 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 and increasing shareholder value. The 2013 Omnibus Incentive Plan replaced the 2001 Omnibus Plan that the Company had previously adopted and had in place. On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”), pursuant to which amounts that a Plan participant is entitled to receive with respect to certain types of awards were increased as compared to the limitations included in the 2013 Omnibus Incentive Plan. 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, 2014.
	Under the Plan, participants may be granted restricted stock units (“RSUs”), representing 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 of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a 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. There were 77,800 and 60,000 RSUs granted during the fiscal years ended September 30, 2014 and 2013, respectively.
	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 for stock based compensation. All compensation costs related to RSUs vested during the fiscal years ended September 30, 2014 and 2013 have been recognized in its financial statements.
	The Company has available up to 3,009,638 shares of the Company’s common stock in respect of granted stock awards, in accordance with terms of the Plan. There are no outstanding stock options as of September 30, 2014. Through September 30, 2014, 433,444 options were exercised, leaving zero options 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, 2014 and 2013:
						Weighted Avg.		Weighted Avg.	Aggregate
			Number Of			Exercise		Remaining	Intrinsic
			Options			Price		Contractual Term	Value
	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
	Granted			—			—
	Exercised			(185,998	)	$	7.09
	Forfeited			—			—
	Expired			—			—
	Outstanding at 9/30/2014			—		$	0		$	0
	Exercisable at 9/30/2014			—		$	0		$	0
	RSU activity for the fiscal years ended September 30, 2014 and 2013 was as follows:
			Restricted Stock Unit Activity
			Years Ended September 30, 2014 and 2013
						Weighted Avg.
			Number of Restricted			Fair Value at
			Share Units			Each Date
	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
	Granted			77,800		$	14.39
	Vested (1)			(22,712	)	$	8.89
	Forfeited			(1,500	)	$	9.01
	Non-vested Balance at September 30, 2014			112,963		$	12.53
	-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 10,500 and 12,127 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2014 and 2013, respectively.
	Restricted Stock Unit Compensation
	Fiscal Year Ended September 30, 2014
			(In Thousands)
	Total expected compensation expense related to Restricted Stock Units		$	3,676
	Compensation Expense recognized as of September 30, 2014			(2,358	)
	Unrecognized compensation expense related to RSU’s at September 30, 2014		$	1,318
	As of September 30, 2014, there was $1.3 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 3.4 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.

Summary_of_the_Organization_De2

Summary of the Organization, Description of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Contingent Payment Due under Asset Purchase Agreement	'
	Of the $13,286,666 of debt proceeds, $11,625,883 was 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 payment allocation:
	Current portion			7,567,712
	Long-term portion			11,625,883
	Capitalized transaction costs in fiscal year 2013			988,100
	Management contracts balance at 9/30/2013		$	62,431,018
	Capitalized transaction costs in fiscal year 2014			58,232
	Management contracts balance at 9/30/2014		$	62,489,250
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, 2014 and 2013:
						Weighted Avg.		Weighted Avg.	Aggregate
			Number Of			Exercise		Remaining	Intrinsic
			Options			Price		Contractual Term	Value
	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
	Granted			—			—
	Exercised			(185,998	)	$	7.09
	Forfeited			—			—
	Expired			—			—
	Outstanding at 9/30/2014			—		$	0		$	0
	Exercisable at 9/30/2014			—		$	0		$	0
Schedule of Non-Vested Restricted Stock Units Activity	'
	RSU activity for the fiscal years ended September 30, 2014 and 2013 was as follows:
			Restricted Stock Unit Activity
			Years Ended September 30, 2014 and 2013
						Weighted Avg.
			Number of Restricted			Fair Value at
			Share Units			Each Date
	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
	Granted			77,800		$	14.39
	Vested (1)			(22,712	)	$	8.89
	Forfeited			(1,500	)	$	9.01
	Non-vested Balance at September 30, 2014			112,963		$	12.53
	-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 10,500 and 12,127 shares of common stock issued for restricted stock units vested in the fiscal years ended September 30, 2014 and 2013, respectively.
Schedule of Non-Vested Restricted Stock Units Compensation	'
	Restricted Stock Unit Compensation
	Fiscal Year Ended September 30, 2014
			(In Thousands)
	Total expected compensation expense related to Restricted Stock Units		$	3,676
	Compensation Expense recognized as of September 30, 2014			(2,358	)
	Unrecognized compensation expense related to RSU’s at September 30, 2014		$	1,318

Fair_Value_Measurement_Tables

Fair Value Measurement (Tables)	12 Months Ended
	Sep. 30, 2014
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, 2014:
		Fair Value Measurements at Reporting Date
		(amounts in thousands)
		Level 1		Level 2		Level 3		Total
	Money market fund deposits	$	6,039	$	—	$	—	$	6,039
	Mutual fund investments		7		—		—		7
	Total	$	6,046	$	—	$	—	$	6,046
	Amounts included in:
	Cash and cash equivalents	$	6,039	$	—	$	—	$	6,039
	Investments in marketable securities		7		—		—		7
	Total	$	6,046	$	—	$	—	$	6,046

Investments_Tables

Investments (Tables)	12 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Trading Investments Details	'
	The cost, gross unrealized gains, gross unrealized losses, and fair market value of the Company’s trading investments at the fiscal years ended September 30, 2014 and 2013 was as follows:
		Cost		Gross		Gross			Total
				Unrealized		Unrealized
				Gains		Losses
	(in thousands)
	2014
	Mutual fund investments	$	4	$	15	$	(12	)	$	7
	Total	$	4	$	15	$	(12	)	$	7
	2013
	Mutual fund investments	$	4	$	15	$	(12	)	$	7
	Total	$	4	$	15	$	(12	)	$	7

Property_and_Equipment_Tables

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	Property and equipment were comprised of the following at the fiscal years ended September 30, 2014 and 2013:
		September 30,
		2014			2013
	Equipment	$	277,376		$	228,829
	Leasehold improvements		122,714			122,714
	Furniture and fixtures		173,328			167,910
	IT Infrastructure		59,173			52,908
	Software		161,662			123,857
			794,253			696,218
	Less: accumulated depreciation		(554,196	)		(438,317	)
		$	240,057		$	257,901

Bank_Loan_Tables

Bank Loan (Tables)	12 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Note Maturities	'
	The note maturity schedule is as follows:
	Years ended September 30:
	2015	$	3,750,000
	2016		3,750,000
	2017		3,750,000
	2018		15,471,667
	Total	$	26,721,667
Future Amortization Expense	'
	Future amortization expense is as follows:
	Years ended September 30:
	2015	$	86,495
	2016		86,495
	2017		86,495
	2018		7,208
	Total	$	266,693

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Provision for Income Taxes	'
	The provision for income taxes was comprised of the following for the fiscal years ended September 30, 2014 and 2013:
		2014			2013
	Current
	Federal	$	3,080,100		$	1,652,900
	State		821,100			379,300
			3,901,200			2,032,200
	Deferred
	Federal		1,312,000			1,060,900
	State		181,900			238,400
			1,493,900			1,299,300
	Total	$	5,395,100		$	3,331,500
Principal Reasons for Differences from Federal Statutory Rate	'
	The principal reasons for the differences from the federal statutory rate of 34% are as follows:
		2014			2013
	Federal tax at statutory rate		34	%		34	%
	True-up of prior year’s tax provision		1.4			—
	State tax at statutory rate		5.5			5.8
	Permanent and other differences		0.4			0.5
	Disallowed capital loss		—			0.6
	Effective Tax Rate		41.3	%		40.9	%
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, 2014 and 2013 are presented below:
		2014			2013
	Current deferred tax assets:
	Accrued compensation	$	25,800		$	19,900
	Deferred rent		56,200			12,600
	State taxes		260,300			129,300
	Capital loss carryforward		10,500			110,400
	Unrealized gains		(300	)		—
	Total deferred tax assets		352,500			272,200
	Less: disallowed capital loss		(10,500	)		(110,400	)
	Net deferred tax assets		342,000			161,800
	Noncurrent deferred tax liabilities:
	Stock based compensation		25,700			—
	Property and equipment		(38,500	)		(46,000	)
	Management contracts		(7,486,200	)		(5,779,000	)
	Total deferred tax liabilities		(7,499,000	)		(5,825,000	)
	Net deferred tax liabilities	$	(7,157,000	)	$	(5,663,200	)

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Computation of Diluted 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 fiscal years ended September 30, 2014 and 2013:
		September 30,
		2014		2013
	Weighted average common stock outstanding		5,856,309		5,810,431
	Common stock equivalents - stock options and RSU’s		40,424		—
			5,896,733		5,810,431

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Annual Minimum Future Rental Commitments	'
	The annual minimum future rental commitments under the foregoing leases and sub-lease as of September 30, 2014 and for future fiscal years ending September 30, 2017 are as follows:
	Fiscal Year
	2015		366,868
	2016		294,911
	2017		142,222
	Total	$	804,001

Summary_of_the_Organization_De3

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

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

Oct. 28, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 26, 2012

Sep. 30, 2012

Jun. 06, 2012

Nov. 05, 2013

Oct. 26, 2012

Sep. 30, 2014

Oct. 28, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Funds

Funds

FBR Funds [Member]

FBR Funds [Member]

FBR Funds [Member]

FBR Funds [Member]

FBR Funds [Member]

Stock Appreciation Right [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

2013 Omnibus Incentive Plan [Member]

Restricted Stock Unit Activity [Member]

Restricted Stock Unit Activity [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Incentive Stock Option Plan [Member]

Partnership Organization and Basis of Presentation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Hennessy Funds

'

16

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gains

'

$5,000

$3,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of mutual funds

'

13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management contracts impairment amount

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of funds acquired

'

'

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of FBR & Co. (FBRC) deal

'

'

'

2,200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional loan borrowed

3,400,000

'

'

'

'

'

'

'

13,286,666

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire management contract rights through available cash

16,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional capitalized transaction cost

'

'

1,200,000

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contingent payment due under the Asset Purchase Agreement

'

'

'

'

'

'

'

'

'

19,193,595

'

'

'

'

'

'

'

'

'

'

Long term liability

'

'

11,625,883

'

'

'

'

'

'

'

11,625,883

'

'

'

'

'

'

'

'

'

Estimated useful lives of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'P1Y

'

'P10Y

Unrecognized tax benefits

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest and penalties related to unrecognized tax benefits

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective tax rates

'

41.30%

40.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal reasons for differences from the federal statutory rate

'

34.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock equivalents (antidilutive) excluded from per share calculation

'

'

245,998

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

Percentage of shareholder ownership to meet incentive stock option

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

Percentage of exercise price of fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

110.00%

'

'

Maximum Vesting Period

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'5 years

Shares grant period

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum aggregate fair market value of shares

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of options, granted

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

Rate of restricted stock units vest under plan

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

'

Restricted stock units, granted

'

'

'

'

'

'

'

'

'

'

'

'

77,800

60,000

'

77,800

60,000

'

'

'

Number of options available for grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,009,638

'

'

'

'

'

Outstanding stock options

'

0

185,998

'

433,438

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

Number of options exercised

'

-185,998

-247,440

'

'

'

'

'

'

'

'

'

'

'

433,444

'

'

'

'

'

Number of options exercisable

'

0

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

Compensation expense related to non-vested awards not yet recognized

'

$1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,318,000

'

'

'

'

Weighted-average vesting period for recognition of compensation expenses

'

'3 years 4 months 24 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_the_Organization_De4

Summary of the Organization, Description of Business and Significant Accounting Policies - Schedule of Contingent Payment Due under Asset Purchase Agreement (Detail) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Management contracts, Beginning balance	$62,431,000	$22,557,186
Initial purchase price for assets related to management of the FBR Funds	'	19,692,137
Contingent purchase price payment allocation:	'	'
Current portion	'	7,567,712
Long-term portion	'	11,625,883
Capitalized transaction costs in fiscal year	58,232	988,100
Management contracts, Ending balance	$62,489,000	$62,431,000

Summary_of_the_Organization_De5

Summary of the Organization, Description of Business and Significant Accounting Policies - Summary of Status of Stock Options (Detail) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'	'
Number of options, Outstanding, beginning balance	185,998	433,438	'
Number of options, granted	0	0	'
Number of options, Exercised	-185,998	-247,440	'
Number of options, Forfeited	0	0	'
Number of options, Expired	0	0	'
Number of options, Outstanding, ending balance	0	185,998	433,438
Weighted avg. exercise price, Outstanding, beginning balance	$7.09	$5.14	'
Number of options, Exercisable	0	'	'
Weighted avg. exercise price, Granted	$0	$0	'
Weighted avg. exercise price, Exercised	$7.09	$3.67	'
Weighted avg. exercise price, Forfeited	$0	$0	'
Weighted avg. exercise price, Expired	$0	$0	'
Weighted avg. exercise price, Outstanding, ending balance	$0	$7.09	$5.14
Weighted avg. remaining contractual term, Outstanding	'	'1 year 18 days	'1 year 5 months 12 days
Weighted avg. exercise price, Exercisable	$0	'	'
Aggregate intrinsic value, Outstanding, beginning balance	$442,148	$0	'
Aggregate intrinsic value, Outstanding, ending balance	0	442,148	0
Aggregate intrinsic value, Exercisable	$0	'	'

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, 2014	Sep. 30, 2013
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	59,375	1,062
Granted, Number of Restricted Share Units	77,800	60,000
Vested, Number of Restricted Share Units	-22,712	-1,687
Forfeited, Number of Restricted Share Units	-1,500	0
Non-vested Ending Balance, Number of Restricted Share Units	112,963	59,375
Non-vested Beginning Balance, Weighted Avg. Fair Value Per Share at Each Date	$8.61	$2.59
Granted, Weighted Avg. Fair Value Per Share at Each Date	$14.39	$8.61
Vested, Weighted Avg. Fair Value Per Share at Each Date	$8.89	$4.90
Forfeited, Weighted Avg. Fair Value Per Share at Each Date	$9.01	$0
Non-vested Ending Balance, Weighted Avg. Fair Value Per Share at Each Date	$12.53	$8.61

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, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Common stock, shares issued	6,019,276	5,898,756
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Common stock, shares issued	10,500	12,127

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, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total expected compensation expense related to Restricted Stock Units	$202	$8
Unrecognized compensation expense related to RSU's at September 30, 2014	1,300	'
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	3,676	'
Compensation Expense recognized as of September 30, 2014	-2,358	'
Unrecognized compensation expense related to RSU's at September 30, 2014	$1,318	'

Investment_Advisory_Agreements1

Investment Advisory Agreements - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2014
	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, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Total	$6,046
Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Money market fund deposits	6,039
Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Mutual fund investments	7
Level 1 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Total	6,046
Level 1 [Member] | Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Money market fund deposits	6,039
Level 1 [Member] | Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Mutual fund investments	$7

Investments_Trading_Investment

Investments - Trading Investments Details (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Investment [Line Items]	'	'
Cost	$4	$4
Gross Unrealized Gains	15	15
Gross Unrealized Losses	-12	-12
Total	7	7
Mutual Fund Investments [Member]	'	'
Investment [Line Items]	'	'
Cost	4	4
Gross Unrealized Gains	15	15
Gross Unrealized Losses	-12	-12
Total	$7	$7

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Dec. 14, 2012	Oct. 30, 2007
Investments Schedule [Abstract]	'	'
Investment in Micro Cap Fund	'	$0.50
Realized loss on sale of investment in Micro Cap Fund	$0.11	'

Property_and_Equipment_Propert

Property and Equipment - Property and Equipment (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Line Items]	'	'
Equipment	$794,253	$696,218
Less: accumulated depreciation	-554,000	-438,000
Property and equipment, net	240,000	258,000
Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	277,376	228,829
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	173,328	167,910
IT Infrastructure [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	59,173	52,908
Software [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Equipment	$161,662	$123,857

Management_Contracts_Additiona

Management Contracts - Additional Information (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Management Contracts [Abstract]	'	'	'
Intangible Asset	$62,489,000	$62,431,000	$22,557,186

Bank_Loan_Additional_Informati

Bank Loan - Additional Information (Detail) (USD $)	0 Months Ended		12 Months Ended
	Nov. 01, 2013	Oct. 26, 2012	Sep. 30, 2014	Sep. 30, 2013	Nov. 01, 2013	Oct. 26, 2012
	Installment		Installment
Debt Disclosure [Abstract]	'	'	'	'	'	'
Additional borrowings	'	'	'	'	'	$1,900,000
Total loan amount after amendment	'	'	'	'	30,000,000	18,400,000
Monthly payments	'	'	'59 Months	'	'	'
Number of monthly installments payable	47	'	59	'	'	'
Required monthly loan principal repayment	312,500	'	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	'	'	'
Adjustment made to loan for loan modification or exchange	'	0	'	'	'	'
Amortized loan costs	'	'	380,000	'	'	'
Amortized cost on straight-line basis in months	'	'	'60 months	'	'	'
Amortization expenses	'	'	$83,327	$44,956	'	'

Bank_Loan_Schedule_of_Note_Mat

Bank Loan - Schedule of Note Maturity (Detail) (USD $)	Sep. 30, 2014
Debt Disclosure [Abstract]	'
2015	$3,750,000
2016	3,750,000
2017	3,750,000
2018	15,471,667
Total	$26,721,667

Bank_Loan_Future_Amortization_

Bank Loan - Future Amortization Expense (Detail) (USD $)	Sep. 30, 2014
Debt Disclosure [Abstract]	'
2015	$86,495
2016	86,495
2017	86,495
2018	7,208
Total	$266,693

Income_Taxes_Provision_for_Inc

Income Taxes - Provision for Income Taxes (Detail) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Current	'	'
Federal	$3,080,100	$1,652,900
State	821,100	379,300
Total	3,901,200	2,032,200
Deferred	'	'
Federal	1,312,000	1,060,900
State	181,900	238,400
Deferred income tax expense (benefit), total	1,493,900	1,299,300
Total	$5,395,000	$3,332,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Federal statutory rate	34.00%	34.00%

Income_Taxes_Principal_Reasons

Income Taxes - Principal Reasons for Differences from Federal Statutory Rate (Detail)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Effective Income Tax Rate Reconciliation, Percent [Abstract]	'	'
Federal tax at statutory rate	34.00%	34.00%
True-up of prior year's tax provision	1.40%	0.00%
State tax at statutory rate	5.50%	5.80%
Permanent and other differences	0.40%	0.50%
Disallowed capital loss	0.00%	0.60%
Effective Tax Rate	41.30%	40.90%

Income_Taxes_Tax_Effects_of_Te

Income Taxes - Tax Effects of Temporary Differences of Deferred Tax Assets and Liabilities (Detail) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Current deferred tax assets:	'	'
Accrued compensation	$25,800	$19,900
Deferred rent	56,200	12,600
State taxes	260,300	129,300
Capital loss carryforward	10,500	110,400
Unrealized gains	-300	0
Total deferred tax assets	352,500	272,200
Less: disallowed capital loss	-10,500	-110,400
Net deferred tax assets	342,000	161,800
Noncurrent deferred tax liabilities:	'	'
Stock based compensation	25,700	0
Property and equipment	-38,500	-46,000
Management contracts	-7,486,200	-5,779,000
Total deferred tax liabilities	-7,499,000	-5,825,000
Net deferred tax liabilities	($7,157,000)	($5,663,200)

Earnings_Per_Share_Computation

Earnings Per Share - Computation of Diluted Earnings Per share (Detail)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'
Weighted average common stock outstanding	5,856,309	5,810,431
Common stock equivalents - stock options and RSU's	40,424	0
Total diluted earning per shares	5,896,733	5,810,431

Earnings_Per_Share_Additional_

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

Commitments_and_Contingencies_1

Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended
	Sep. 30, 2014
Loss Contingencies [Line Items]	'
Annual minimum future rental commitments	$804,001
California [Member]	'
Loss Contingencies [Line Items]	'
Lease expiration date	31-Mar-17
Extension period available after expiration of lease	'5 years
Annual minimum future rental commitments	518,918
Monthly straight-line rent expense for the remaining term of the lease	22,869
Massachusetts [Member]	'
Loss Contingencies [Line Items]	'
Lease expiration date	15-Jan-15
Annual minimum future rental commitments	26,933
Monthly straight-line rent expense for the remaining term of the lease	7,695
Massachusetts [Member] | Lease Termination [Member]	'
Loss Contingencies [Line Items]	'
Lease expiration date	30-Nov-15
Annual minimum future rental commitments	62,800
Monthly straight-line rent expense for the remaining term of the lease	5,233
Lease beginning date	1-Dec-14
North Carolina [Member]	'
Loss Contingencies [Line Items]	'
Lease expiration date	30-Nov-14
Annual minimum future rental commitments	3,158
Monthly straight-line rent expense for the remaining term of the lease	$1,579

Commitments_and_Contingencies_2

Commitments and Contingencies - Annual Minimum Future Rental Commitments (Detail) (USD $)	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
2015	$366,868
2016	294,911
2017	142,222
Total	$804,001

Concentration_of_Credit_Risk_A

Concentration of Credit Risk - Additional Information (Detail) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
Risks and Uncertainties [Abstract]	'
Deposit amount exceeding the FDIC insurance limit	$1.62
Uninsured amount of cash and cash equivalents	$5.90