Longstanding CPA practice with strong client portfolio

Designation:	CPA Firm
Location:	Ontario
Status:	SOLD
Listing ID:	ON2114
Asking:	$395,000
Annual Gross:	$346,042
Reason for Selling:	Retirement

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About This Practice

This is a very long-standing practice with an earned reputation for quality work and personable service. Engagements include compilations, personal tax, minor review work (~5% of total revenue), minor bookkeeping, and minor estate work. Options for the minor review work exist for a non-LPA Buyer. The reputation of the practice brings in regular referrals which are often turned away to maintain the current practice size. The desirable client portfolio has been curated over time to include very diverse and stable client industries. The client base is very loyal, with no clients posing any overly complex service requirements. The staff are also long-term and very committed to the practice. Staff members are all highly capable, able to take files from start to owner-review with very little supervision.

The team is very dedicated, willing to dig in during tax time to ensure work is complete and deadlines are met. The practice operates from an attractive and very well-located office. Space is ample for a growth-minded buyer looking to expand or a Buyer who may want to integrate an existing office; or the current lease arrangement has no locked in term allowing a Buyer to relocate the practice at any time. This is an excellent opportunity for a few Buyer scenarios including a Buyer coming out of industry who’s looking for an excellent and immediate client portfolio, or a Buyer looking to expand their current client base with desirable clients.

Ideal Buyer

The ideal Buyer will be experienced in the services the Practice offers, and will also have strong general business knowledge. The ideal Buyer will be a good relationship builder, able to carry on existing relationships while building relationships with future clients and staff. The Buyer will recognize the value of the loyal and stable client base while also recognizing the level of opportunity to leverage reputation and referrals towards future growth. A Buyer will have the ability to structure operations in their preferred way to increase efficiency, capacity, and take advantage of the growth opportunities available. This practice is ideal for several Buyer scenarios including a Buyer looking to move from industry into ownership, or a Buyer looking to onboard a quality client portfolio to expedite growth of their existing practice.

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About the Area

North York is one of the six administrative districts of the Greater Toronto Area. As of the 2016 census, it had a population of 869,401. North York Centre continues to be one of Toronto‘s major corporate areas with many office buildings and businesses. Health care is another major industry in North York, with the district housing several major hospitals, including the North York General Hospital, Humber River Hospital and the Sunnybrook Health Sciences Centre.

Several post-secondary institutions were established in North York. York University is a university that was established in 1959. The university operates two campuses in North York, the Keele campus located in the north, and Glendon College, a bilingual campus operated by the university. There are also two colleges that operate campuses in North York. Seneca College was established in North York in 1967, and presently operates several campuses throughout North York, and Greater Toronto. One of Centennial College‘s campuses are also located in North York, known as the Downsview Park Aerospace Campus.

North York is an eclectic, multicultural district home to the hands-on Ontario Science Centre and the Aga Khan Museum, with exhibits on Islamic culture in a striking modern building. In the area’s north, Black Creek Pioneer Village is an 1800s living museum. Sprawling Downsview Park includes a lake, event spaces, and a flea and farmers’ market, while Edwards Gardens has a greenhouse, fountains, and botanic gardens. North York houses two of Toronto’s five major shopping malls: the Yorkdale Shopping Centre and Fairview Mall. Other neighborhood malls locations include Centerpoint Mall, Bayview Village, Sheridan Mall, Yorkgate Mall, Shops at Don Mills, Steeles West Market Mall, Jane Finch Mall and Sheppard Centre.

North York is a vibrant and growing hub for business and recreation – a great place to live, and grow your practice!

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