Growing Cloud Firm with Premium Client Base

Designation:	CPA Firm
Location:	Washington DC
Status:	SOLD
Listing ID:	DC2009
Asking:	$450,000
Annual Gross:	$350,977
Reason for Selling:	Career Change

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About This Practice

About this Practice

This generalist practice provides comprehensive advisory counseling for accounting and tax for both businesses and individuals. This is a firm for the 21st century! The firm focuses on bookkeeping, tax revenue and advisory services. An exceptional reputation for quality service and customer care has fostered strong organic growth with little advertising. Client and industry referrals along with selective client onboarding have resulted in a desirable and loyal client base. The team often advises on multiple areas of their clients finances building strong, long term relationships.

Owner works longer hours during tax season but off season, low owner hours while the reliable team runs the majority of the workflow. Workflow is managed by an efficient and effective combination of systemization and clearly defined role accountabilities. A casual but professional atmosphere, flexible scheduling, and autonomous management style create a desirable culture for team members. Modern and secure systems provide remote functionality and layers of redundancy. Owner hours are low at ~1,700/year. This is an excellent opportunity for a buyer looking for a very reputable practice, excellent team, and many built in and potential growth opportunities.

Ideal buyer

A buyer who wants a tech forward company would do well with this growing firm. Buyer needs to be strong in individual and business tax planning, bookkeeping, and should have experience managing a small team. Clients expect an owner who has experience reviewing financial statements and being conversational with clients lives and finances. Buyers should expect to work hard during tax season but enjoy flexible work hours on the off season. The firm has a positive culture and strong employee engagement; the new owner will have the ability to delegate work while providing efficient and effective support to foster this team environment. Controller experience would be ideal to expand this business and could take it to the next level. A growth-minded buyer will be able to further develop the firm’s reputation and capitalize on the many opportunities that exist within the firm.

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About the Area

About the Area

This firm is a cloud firm so it can operate from anywhere or Washington DC. Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. The Washington Metropolitan Area’s gross product was $435 billion in 2014, making it the sixth-largest metropolitan economy in the United States. Between 2009 and 2016, GDP per capita in Washington has consistently ranked on the very top among U.S. states. In 2016, at $160,472, its GDP per capita is almost three times as high as that of Massachusetts, which was ranked second in the nation. As of 2011, the Washington Metropolitan Area had an unemployment rate of 6.2%; the second-lowest rate among the 49 largest metro areas in the nation. The nation’s capitol sits on the Potomac River bordering Maryland and Virginia. Washington, DC is a bustling metro area and government center. Economy has been steady. It is also home to iconic museums such as the Smithsonian, which is probably one of the largest and most well-known of the 19 museums, galleries and a zoo. You can’t help but notice the many historic monuments and memorials throughout the city. This area is also known for its nationally ranked and historic universities located in and around the DC area such as Georgetown University, George Washington University and American University.

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