Getting an Accounting Firm Ready for a Sale
“Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not so fully that you run out of money.”
Your accounting firm is probably one of your largest assets and a little planning can help you make the most of it.
Do the obvious things when getting an accounting firm ready for a sale.
They do in fact make a difference. Here are a few quick and easy ideas:
- You only have one chance to make a first impression. Get your office looking its best…especially the reception area and the owner’s/partner’s offices. Fresh paint and carpeting can go a long way.
- Given the choice, most buyers prefer an organized business. Piles of files and working papers are a turn-off. Do something with the clutter.
- Bring your books up to date. You need to show that your practice remains healthy and hopefully growing. Trends matter! If you have accounts receivable, clean up your receivables list too. Buyers want to buy accounting firms where the clients pay invoices on time. Also, it can be difficult to collect very late accounts after closing.
- Be clear about your reasons for selling. Buyers will want to know.
- Do you want to sell your CPA firm or do you just want to…“have it for sale”? Be realistic about what your business is worth. Asking a fair price is key to generating healthy demand and getting your firm sold.
Succession Planning Guide for Accountants.
Start creating your succession plan using the simple strategies found in this guide.