About This Practice
This is a well-established, profitable, and growing CPA practice located in southwestern Ontario. The practice offers a broad complement of services including personal tax, bookkeeping, compilations, corporate tax, audits, reviews, trusts, and business consulting. Profit is strong and steady with a 3-year average of 48% and 2023 at 50%. The practice has proven strong year-over-year growth with a 3-year average of 15%, and current year conservatively tracking at the same. The practice has earned a great reputation for quality work and excellent service. Referrals are regularly received from clients and industry colleagues. The client portfolio is industry-diverse, long-term, and loyal. The staff are highly capable, dedicated, and personable. The operations of the practice are streamlined and efficient. Platforms, software, and applications are industry standard. Systems are current and secure. The practice utilizes cloud-based tools and processes allowing for remote operation, and the option of expanding a remote service approach. The practice is well located in a growing and underserviced area. The growth trend of the practice demonstrates the ongoing growth opportunities available to the practice; the Seller has identified specific growth opportunity recommendations for the Buyer. This is an excellent opportunity for many Buyer scenarios, including a Buyer looking to move into practice ownership beginning with a strong practice, or a growth-minded Buyer with an existing practice looking to onboard an excellent client portfolio and a very strong team, all in a great location, with strong and plentiful future growth opportunities!
The ideal Buyer will be a CPA and will have a Public Accounting License (LPA designation), or have a clear and viable plan to handle the assurance work of the practice (currently ~10% of the overall revenues, but tied to other revenues of the practice, and a key service line that clients cannot find elsewhere). For the right Buyer and scenario, the Seller may consider staying on for a period of time for the purpose of reviewing and signing off on the LPA work. A strong-fit Buyer will be the type who is interested in becoming part of the community, particularly a growth-minded Buyer looking to bring in additional business that is ever increasing in the local area. Strong communication skills are needed to carry forward the care that the clients are accustomed to. Proven relationship building skills will benefit a Buyer as a successor of the practice, and also in the opportunity for future business. The practice has been built in a fantastic area for a Buyer who has interest in summer and winter outdoor recreation and sports, along with strong community attributes such as culture, dining, and shopping. Located within close proximity to larger urban cities, all amenities are also close-by, offering an ideal mix of local community feel with big city access. An ideal area to live, and grow your accounting practice!
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