Buying an Accounting Practice – The Crucial Considerations
Buying an accounting practice is a big decision.
For the entrepreneurial accountant, it can be one of the best career decisions you can make. If you are thinking of buying an accounting practice, below is a broad summary of the most crucial topics you will want to consider…along with links to dig deeper:
Transition and Client Retention:
We recommend a brief transition period where the seller and buyer are actually working together in the practice…usually only about 2 to 4 weeks. Yes, you read that right! This is counter intuitive to many, but our experience has shown us that retaining clients is all about service, service, service! We will lead you through our transition planning process to help you quickly take control of your new business and share what has worked for others in nurturing new client and staff relationships. To learn more, please read CONSIDERING CLIENT RETENTION.
Finding a practice “with good bones”:
Finding just the right practice takes some time. No practice will be perfect, but the fundamentals need to be right…and the soft-skills are often more important than the technical ones. To learn more, please read ADVANTAGES OF BUYING AN ACCOUNTING PRACTICE. We’ll help you get the information you need to assess practices. We welcome you to register on our site for email notifications of new practices that become available. You can also get listing notifications by following us on twitter @PoeGroupAdvisor.
Most of our practices are purchased using outside financing. We refer our clients to lenders who have proven experience with accounting practice acquisitions. Depending on the specifics of your purchase, we can help you identify lenders to help you get funding in the simplest and most affordable way possible with terms that can make practice ownership a reality. See our latest market update on FINANCING FOR ACCOUNTING PRACTICE ACQUISITIONS to learn more.
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