About This Practice
This is a high-quality firm with outstanding client relationships in an attractive community on Vancouver Island. The firm has a balanced mix of services: 33% of the revenue is personal tax preparation, 40% is bookkeeping and 24% is business tax preparation and consulting. There is no audit or review. The firm has very loyal clients and an excellent reputation in the community. There is great workplace culture and the staff works independently with good systems in place. Employees are empowered to handle their work independently, as much as reasonably possible.
There is very little accounts receivable, since Personal Tax (T1) are paid upon completion of service and exit interview, or simply held for payment. Bookkeeping is invoiced monthly. T2s, T3s and consulting services are invoiced as completed. Time tracking is through QuickBooks for payroll and billing purposes.
Nearly 40% of client relationships have been in place for more than a decade. There are many multi-generational relationships. Repeat customers and referrals are the driving force in growth. The majority of client growth has taken place by way of referrals. They also market on Yellow Pages, both online and print.
There is an opportunity to make this a paperless office and a buyer with CPA capabilities would likely find a trove of opportunity.
This seller will speak with interested buyers after tax season 2022.
An ideal buyer would need to be in the office or have someone in the practice running it day to day. Some management experience and tax knowledge would be required. The buyer would be expected to maintain this firm’s exceptional reputation and hopefully grow the firm to meet even more service needs for the client base. If you have a history of forming trusted relationships with clients and have a good understanding of small and mid-sized business owner’s mindsets, then you can thrive here.
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