Build your Accounting Practice to Sell It

If you are familiar with The 7 Habits of Highly Effective People by the late Stephen R. Covey, you may know that one of the key habits is to “Begin with the end in mind.”

This perspective provides numerous insights that have significant value over time.

When you want to sell your CPA practice is irrelevant.

Consider this idea – you are “selling your accounting practice” to yourself each day that you wake up and go to work. Do you enjoy the business? Is this career fulfilling enough to spend decades doing? Building your business so that it is attractive to others will make it more attractive to you too. How would a potential buyer view your practice today?

How will you sell your CPA practice?

Beginning with the end in mind impacts your buyout provisions in your partnership or shareholder agreements, and general exit plans. You should always have an exit plan!

Helps you create a vision for your CPA business.

We dedicated an entire chapter of On Your Own! to creating your vision…Your vision of your practice, your career and your life will serve as the overall framework from which all of your decisions are made going forward. Dreams reveal your intentions. Being clear about your intentions fuels your enthusiasm. Your enthusiasm drives your success…

Revisit the idea often.

From your vision, create measurable goals. Attach deadlines to your goals. Find someone to help you stay accountable. Build your accounting practice to sell it and you may enjoy it so much that you never actually want to!