In 2019 we helped Jim sell his CPA practice in the Washington, DC area and we wanted to share with you a bit about what it was like for him to successfully go through that process.
He talks about taking the leap to start his own firm, how he decided to exit, and what he wished he had known in the midst of managing his firm.
A pearl of wisdom that Jim shared with us in this episode is that: “You gotta understand one thing…you only have so many tax seasons in you.”
A simple reminder, but as Jim reflects he shares that that limit of tax seasons can sneak up on you and that the decision to sell might not be on the obvious horizon.
“I turned 65 and just something around that birthday hit me. I thought I had two, three, four, five years left to work, and I realized I didn’t want to do it anymore.”
2:00 – What sparked him to start his own firm.
4:32 – Process on how he decided to sell.
8:04 – “You only have so many tax seasons in you.”
9:00 – Selling off big clients and how things naturally back fill with better work.
13:36 – Guidance for finding the best buyer for Jim.
15:00 – Transition with the buyer.
17:00 – It takes work to get your firm presentable for buyers.
18:00 – What would you tell someone who’s considering selling?
21:00 – What I would change about how I managed my firm if I could go back in time.
(If you would prefer to watch this podcast recording, see it on YouTube.)
About Jim Alkire: Jim started his practice from scratch in Dec 1990. He spent all 30 years practicing in Herndon, VA, which is where he resides with his wife, Libby. During his retirement, Jim is enjoying spending a lot more time with family & friends, and playing lots more bad golf!
About Brannon: Click here to see Brannon’s Bio.
Plus…here are four ways we can help you whenever you’re ready:
- Get your Accounting Practice Scorecard.
Find out what makes good firms tick. This only takes about 3 minutes to complete and will give you excellent insights about your practice.
- Check out our resources to help you run a better firm.
Download a free chapter of Accountant’s Flight Plan; Best Practices for Today’s firms to be more intentional about the clients you work with. Listen to our podcast episodes on a wide range of topics, or check out our Planning Tools to help you with your exit strategy.
- Small group, virtual practice management workshops.
Check out Accounting Practice Academy™. We dive deep into the mindsets and strategies that not only make your practice more profitable, but help you create more meaningful time off.
- Looking to exit or acquire?