About This Practice
This is a well-established, profitable, and growing CPA practice offering a broad complement of services to owner-managed small/medium businesses. Services include compilations, reviews, audits, personal tax (only associated with the business clients), corporate tax, some bookkeeping, consulting, and minor estate work. Note that the review/audit work makes up approximately 25% of the practice’s overall revenue so a Buyer will need to be an LPA or have the ability to handle the assurance work of the practice. Referrals are common for this practice which has grown solely by its strong reputation and word-of-mouth. Owner hours are low at ~1,540/year allowing the Buyer an excellent work/life balance, or the ability to leverage the strong growth opportunities available to the practice. The client portfolio is loyal and industry diverse, ideal clients per the Seller. Staff are long-term, highly capable, committed, and reliable.
Staff work directly with clients allowing the owner to focus on the high-level work such as final review. Operations and workflow are efficient and effective. Systems, platforms, and software are current and industry standard. Systems offer the ability for remote work and service, providing the Buyer with great hiring model options and the ability to service beyond the local location. The office is renovated, bright, and very conducive for staff and clients alike. Location is excellent along the 401 corridor, easily accessed, and opportunistic for additional service expansion such as cross-border services. The practice has demonstrated increasing year-over-year growth, and offers many future growth opportunities for the Buyer. Projections are strong and trackable. This is an excellent opportunity for many Buyer scenarios including a Buyer looking to move from industry into their own practice, or a growth-minded Buyer looking to expand their existing practice into a corridor location with strong future growth opportunities.
The ideal Buyer will have a Public Accounting License or have a concrete plan and ability to handle the audit and review work of the practice which accounts for approximately 25% of the practice’s overall revenue. The Buyer will have proven knowledge and experience in all the services offered by the practice. The Buyer will have strong general business knowledge. In addition, the ideal Buyer will have experience in managing and growing a Team of employees. Strong relationship building skills will complement the type of relationship building that’s characteristic within local communities. The Seller has noted that skills and attributes such as being a good listener, being flexible/adaptable, and having genuine care of clients will be very important qualities the Buyer will have. A community-focused Buyer who likes to be present and involved in their area will have great opportunities for growth. This is an excellent opportunity for many Buyer scenarios including a Buyer looking to move from industry into their own practice, or a growth-minded Buyer looking to expand their existing practice into an excellent 401 corridor location with strong future growth opportunities.
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