CPA Practice for Sale! Tips for a Successful Purchase Process
By: Tanya Farmer
If you have an accounting business for sale, you are likely concerned about how the sale will proceed and if the sale will ultimately be successful. The good news is that there are many resources available to ensure the sale is a success and to make the entire process much easier for you. Below are a few helpful tips to keep in mind if you have a CPA practice for sale.
Time it Right
Too many owners of accounting firms go into business thinking that they will sell their businesses when they hit retirement age and can start receiving federal retirement benefits. However, there are many other factors to keep in mind before listing your accounting business for sale. Consider your physical health, your financial situation, your practice’s current financial status, and any family concerns before you make a big move.
There are peak times at which to sell an accounting business, and those may not align directly with your own personal life plan. If you do not sell your business when the market is at its peak, you could be leaving money on the table, or lose out on the sale altogether. Waiting until retirement is not always the right answer, and sometimes, it may be more beneficial to sell sooner. You want to make sure to sell your business when it’s at its financial peak – not once you’ve slowed down your practice as you reduce your work hours preparing for retirement. In short: do not Retire In Place!
Make a Good Impression
It is true that potential buyers need to make a good impression on you, but you also need to make a good impression on them. After listing your accounting business for sale, buyers will come to look at your office. Make sure the lobby and front areas are clean and organized, as well as the individual offices. Make sure that your facilities and staff will make a good impression. This also means making sure you have the most up-to-date accounting software, records, and client and employee agreements all ready to show prospective buyers.
Enlist the Help of a Business Brokerage Firm
There are many unknowns when you have a CPA practice for sale, and that can make it a difficult process to navigate on your own. Our Washington-based business brokers at Private Practice Transactions can give you the best chance of avoiding common pitfalls. We know how to properly screen prospective buyers, prepare your firm for sale, and give you the best chance of success with the final transaction. If you are thinking of selling your accounting firm, call us today at (253) 509-9224 or contact us online to learn more about how we can help with your sale.