Top 5 Insider Tips to selling your CPA firm

selling your CPA firm

Top 5 Insider Tips to Selling your CPA Firm

People often ask us: “How long does it take when selling your CPA firm?”

Most frequently our answer is, “It depends”…
…on a number of factors: price, location, terms, responsiveness of buyer and seller to communications and negotiations, etc. It can go faster or slower.

Historically, buyers want to purchase a practice well before tax season so they can properly “gear-up” for the season and benefit from its attractive cash-flow.

Many of our past buyers tell us that fall is an ideal time for a smooth transition, offering adequate time to shift from one management team to another, orient staff, and meet new clients.

With that, here is a round-up of some tips for CPAs who want to exit before the upcoming busy season:

 

1. Get your practice ready.

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.

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2. Understand possible deal terms.

In our opinion, freedom is greatly underappreciated when most sellers are negotiating a deal. This is absolutely one of the main benefits of a fixed price structure.

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3. Know what kind of transition you want.

We are often asked. “How long will I need to work after closing the sale of my accounting practice to afford a successful transition?” The safe answer is almost always: “It’s probably a lot less time than you think.”

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4. Find the RIGHT buyer.

The key to maximizing the value of an accounting practice is to find the buyer who does all or most of the following:

• Understands how he/she will succeed in that particular practice.
• Has the capacity or the team to provide excellent client service.

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5. Make Plans for what you want to do after the sale.

Our clients who, post-close, have reported being happiest about the decision to sell, have hands down been people who have significant things that they want to do after the sale.

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One bonus tip…Timing is everything! Don’t rush and force it, but also don’t drag your feet when it’s time to take action.

How to sell an accounting practice