About This Practice
This is a well-established and long-standing owner operated CPA practice. Client engagements include compilations (NTR’s), corporate tax, personal tax (T1’s), very minor US 1040’s (outsourced), minor review and audits (5), and minor trust work. The practice has a consistent growth trend as a result of a strong reputation and referrals from happy clients. Profitability is very high at 74% in 2021. The client portfolio is very industry diverse with no clients in any risk industries. Client size is also ideal with no overly large clients. The owner utilizes 2 sub-contractors on an as-needed basis. The sub-contractors handle the data entry and file prep work, and the owner completes the higher-level work of the file.
The practice has always operated out of a home office. At present some clients do appreciate the personable experience that comes with the ability to drop off/pick up and meet with the practice owner. The owner has suggested an ideal Buyer would have a Newmarket presence to continue to service this component of their client roster. This is a great opportunity for many Buyer scenarios including a local Buyer looking to onboard a high-quality client portfolio, or a Buyer coming out of industry looking to fast-track practice ownership/development.
The ideal Buyer will be very experienced and knowledgeable CPA in the areas of service of the practice. While only a few audits are done, an LPA designation or outsource option would be required for the audit work. Strong general business knowledge is also essential, particularly for a Buyer looking to take advantage of the growth opportunities of the Practice. A relationship builder will appreciate the clients, and will also be able to continue to grow the portfolio and revenue. The Seller has suggested that a Newmarket presence would be ideal for some of the clients who drop off/pick up in the current Newmarket office. This is an excellent opportunity for many Buyer scenarios including a local Buyer looking to onboard a high-quality client portfolio, or a Buyer coming out of industry looking to fast-track practice ownership/development.
Request Full Profile