Have you heard? We wrote another book, Prepare Your CPA Firm For A Sale: How to reduce owner hours, increase profitability and transform your practice. This book has actionable practice management advice for all owners whether you are a CPA, EA, bookkeeper or general accountant. With the lessons in this book, you’ll learn to build upon your firm’s success and make your firm more enjoyable for you and your staff or a future buyer.
We decided to record a reading of our new book on the podcast! Listen to the whole book on the player below or wherever you get your podcasts!
Small changes made before an exit can have a major impact on the salability of your accounting practice. We wrote this book to empower firm owners with actionable strategies to help improve profitability, reduce owner dependence, and make their firms more attractive for an eventual sale.
These strategies also make firms easier and more enjoyable to own and operate while you still run the practice. A lot of the concepts in this book are taken from our practice management workshop, Accounting Practice Academy. APA was developed from years of accounting practice sales, mergers and acquisitions experience.
The practice management advice shared in this book helped Chris Hall, CPA, and Bill Murphy, CPA, add 25% to the market value of their CPA firm in about a year. They reduced owner hours and staff hours by selectively pruning their client list and improving team delegations.
Once they gained capacity, they implemented price increases and focused more partner time on their A-clients who needed more services. These incredibly simple but powerful implementations increased their top-line revenues and net profit. The changes took a persistent effort, but once they had a clear vision of what needed to happen, they couldn’t “unsee” that vision.
Most owners face too much to do and too little time for strategic planning. They are working “IN” their businesses instead of “ON” them. This book offers simple and practical steps that impact firm profitability and owner dependence. The hard part is changing old habits and actually implementing new ones.
Develop a crystal-clear vision for your practice, so you can tackle the changes you want to make. Once implemented, your firm will be more attractive to more potential buyers. This will make it faster to sell and at a higher multiple. You may even discover that your timetable for an exit gets extended because your ownership experience has been elevated.
You will work less and be more profitable. You will also improve your staff’s working conditions, making attracting and retaining talent easier.
With all that spare time, you might even find time to remember why you went into business for yourself in the first place: Freedom!
