About This Practice
Well-established CPA firm with a commitment to providing exceptional service to a loyal base of clients. This is a high-quality CPA firm that serves wealthy, high net worth individuals, and small to mid-sized businesses in a number of different industries. The practice is very well positioned in the market to provide high-level client service that has historically come from the big 4 or regional firms. The firm offers their clients top-notch service and has been able to create trusted relationships where clients turn to their CPA for needs beyond traditional compliance work.
The practice has a balanced mix of services including compilations, bookkeeping, business and personal tax as well as some review, audit, and consulting. 90% of the practice work is business or business-related engagements. Clients look to the firm to provide tax planning and business advice for their growing companies. Consulting work is involved, complex and profitable.
Clients are sophisticated and are not averse to paying high fees. Client confidence is high. They appreciate the attention to detail and that their accounting needs are managed for them. Industries include real estate, transportation, manufacturing, consulting, associations, software, pharmacists, legal, entertainment, construction, service, and investment. Most clients come to the office. Clients are extremely loyal and long tenured with the firm.
Revenue is strong with 50% cash flow to owner. NTRs are a minimum of 2,500 with deposits taken for new clients. Combination of fixed-fee and time-billed with surcharges for extra work. Clients don’t question the bill and they pay on time.
The practice has a strong office culture with a relaxed but professional atmosphere. The management style is focused on high standards of work for clients and a continual learning atmosphere for staff. The staff typically initiate a file workflow and verify key points until final review by the owner. Workflow is managed by the staff with regular updates to the owner on progress. Owner hours are typically 1300-1500/year.
Office is 90% paperless and has good systems and technology in place to facilitate workflow. Practice is predominately cloud-based.
There are numerous opportunities to grow and expand the practice. The owner has identified eight areas of opportunity to be discussed with the potential buyer. This is a rare opportunity for the right buyer in this city.
The ideal buyer will have several years of public accounting and tax experience. They must be technically capable and able to manage an office and staff. The buyer needs to be proficient in accounting, corporate tax filing, trusts, reorganization issues, and related tax implications. The buyer will be experienced in dealing with clients directly, be familiar with the needs of owner-managed businesses, and enjoy working with the small and medium-sized business community. They must have experience with large clients and their unique needs. A broad business background will be a benefit as many clients see the firm owner as their CFO.
Continuous learning from clients and their businesses is important. The buyer who has the ability to apply knowledge from various industries including cross transfer of knowledge from client to client will do very well here. Current owner comes alongside businesses as a trusted advisor. The buyer will have numerous opportunities to provide sound business advice and be creative in offering client solutions. The ideal buyer will be able to communicate with clients at a technical level as well as a personal level.
This is a hands-on practice for the accountant who enjoys their work and being part of the growth and success of their clients’ businesses.
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