When Should You Sell Your Accounting Practice? It is Not All About Age
It used to be that when a person sold an accounting practice, it was usually because they were ready to retire. Today, the world has changed, particularly during the pandemic. People are reevaluating what is most important to them, and many are finding that as much as they have loved running their own practice, they also do not want to be tied to a desk for the rest of their lives. If you are thinking about selling your accounting practice, take heart in knowing you do not have to wait until retirement; you may want to sell your practice now for any of these reasons below.
Explore a New Business Opportunity
As the owner of an existing business, you know how exciting it can be to own a company that is entirely yours. And, while owning an accounting business was something that used to bring you joy, you may be ready for a career change. With all things in life, there is never going to be a “perfect time”. Allowing yourself to explore a new career path may be a good reason to sell your practice now.
The pandemic will not be around forever. When it is finally over, people are going to want to travel. You may have your sights set on jet-setting around the world, or even just traveling to a different state to be closer to friends and family. Traveling is something so many people love to do and you do not have to wait until retirement to do it.
Pursue a Hobby
Maybe there is something you have always wanted to do, such as write a book or learn a new language. Whatever hobby you have in mind, chances are that running an accounting firm does not leave you with a lot of free time to dedicate to hobbies. Selling your accounting practice will greatly free up your time to allow you to start doing the things you love most, or have always wanted to pursue.
Invest in Real Estate
Selling an accounting practice can be a highly profitable venture. After selling their practice, many accountants have taken that profit and invested it into real estate. Real estate investments are a great way to continue making a profit, without all of the daily work that running an accounting firm requires.
If you do not live close to family members, the pandemic and the travel restrictions that have gone with it have likely highlighted just how far apart you are. Once it is all over, you may want to move to be closer to your children, or even help raise your grandchildren. Even if you start a new practice in the new location, you will have to sell your existing one first.
Call Our Business Brokers in Washington Today
If you are selling an accounting practice, do not do it alone. At Private Practice Transitions, our Washington business brokers can help value your business, find qualified buyers, and assist you throughout the entire transaction. Call us today at (253) 509-9224 or contact us online to learn more about how we can help.