About This Practice
This firm is a fast-growing, cloud accounting practice in the Greater Toronto Area. The CPA firm is 100% cloud-based and paperless. With no office space to maintain, operational costs are reduced. The firm can be operated from anywhere.
Services are primarily corporate and personal tax preparation and significant amounts of bookkeeping. Revenue has been steadily growing as referrals of new business clients continue every year. Good cash flow to owner at 45%+. Combination of time and value billing. Majority of clients pay by monthly subscription for bookkeeping. Year ends are charged upfront. Accounts receivable is kept to a minimum. Most clients pay by credit card.
Clients are from across Canada and include those in creative IT, sales, consultants, professionals, service, retail, and trades. The majority of clients are in high growth mode.
The firm is managed with a collaborative approach. Employees are capable individuals who take ownership of their own portfolio of clients. Employees feel valued and respected and work well as a team with the owner. “Work with, not for”, is the owner’s principle for employees. Standard core hours with some flexibility for individual circumstances.
Ideal buyer
The ideal buyer will see this firm as an opportunity to grow. The foundation has been laid for consistent profit and steady growth. A tech savvy buyer who is ambitious and focused will do very well with this practice. A CPA buyer would be an asset but isn’t necessary. The ideal buyer will be experienced with the cloud accounting and bookkeeping model and should have a strong accounting and tax background. The buyer should be open-minded to change in order to keep up with an ever-changing industry. Strong relationships are the key to this firm both with employees and clients. They will understand the importance of life/work balance and will value employees.
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