Are You Prepared to List Your Accounting Practice for Sale?
When selling your accounting practice, you may not know what the correct price is and whether you are shooting too high or too low. Even more, many accountants are not aware that selling their accounting practice is possible and that maximizing value actually begins prior to the sale. So, what can you do to prepare your accounting practice for sale? The most important ways you can prepare are found below.
Know Where to List Your Practice
When selling an accounting practice, word of mouth is simply not enough. You need to plan where you are going to list your practice for sale, whether it is a website such as BizBuySell or a local trade magazine. It is important to weigh your options now so that you end up listing your practice in the right place to be seen by the right prospective buyers.
Prep Your Office
It is important to remember that you only have one chance to make a first impression, and that includes your office space. Look at the actual structure of your office and the major furnishings. Is there chipped paint on the walls? Does the carpeting look worn and used? If so, you need to change these elements of your practice. Also remember that potential buyers will not only look in the lobby area, but also the partner’s offices and other spaces. It is crucial that you look at all aspects of the office and repair whatever is needed.
Organize Your Paperwork
It is not only the physical space buyers will look at when considering whether to purchase your practice. They will also look at your books, and when they do, organization is important. Do not leave piles of files laying around, but instead ensure all of your files are organized and kept in a tidy order. New accounting software can help with this and will not only show potential buyers that you are organized, but that your practice is on the cutting edge. And think virtual and paperless. If your practice is paperless, you will get a higher value, guaranteed.
Know Why You Want to Sell
You may think your reasons for selling your practice are personal, and that may very well be the case. However, you should still understand the reason you want to sell, and be prepared to share that with buyers because you will be asked. Maybe you are moving to a different location, or maybe you want to retire. Whatever the reason is, make sure you are ready to tell buyers why you are selling your practice because they will certainly ask.
Work With a Business Broker in Washington
You may think you can sell your accounting practice on your own, and you probably can. However, a Washington business broker will make sure that you sell your business for the most profitable price, and will ensure that you are fully prepared for every aspect of the sale. If you are selling your accounting practice, our business brokers at Private Practice Transitions can help you find a quality buyer, and will guide you through every step a profitable transaction involves. Call us today at (253) 509-9224 or contact us online to schedule a meeting and to learn more about how we can make the entire process easier for you.