About This Practice
This is a highly desirable CPA practice for many reasons. The practice has consistent and exceptional profitability at ~80% (2023) and ~81% 3-year average. The clientele also set this practice apart; clients see the value in the work and service that the practice provides, fees are very strong. Beyond strong fees is the network of referral possibilities that the client base provides; the practice has amazing opportunities for very high-quality growth through the referrals of similar clients from within the existing client base. The practice offers services in the areas of corporate, personal, and small business tax advisory, compilations, lucrative bookkeeping, and minor payroll. Controllership and support is also a key part of most service packages.
Key to the success and future of this practice is the approach that’s been taken by the owner – ‘you need to be a trusted advisor in all aspects of the client’s financial life’. Clients have been hand-selected according to their understanding and appreciation of this approach. Through referrals and selection, the practice has brought in strong and consistent growth with a 3-year average of +12.7% and the current year projection on track for +27%. Owner hours are very reasonable at ~1,500/year which allows for further growth and capacity, or an excellent work/life balance. There are no employees or subcontractors in the practice, so workflow and scheduling are created by the owner. The owner works from a home office. The practice operates primarily virtually. Approximately 10% of clients meet with the owner (albeit infrequently) at either the clients’ office or a mutual location. These clients appreciate the ability to meet in person, however the Seller feels there may be potential to move these clients fully virtual as well. The ongoing growth opportunities for the Practice and the Buyer are many. This is an excellent opportunity for many Buyer scenarios including a Buyer looking to move into practice ownership, or an existing practice looking to onboard exceptional clients. In either or any case, an opportunity not to be overlooked!
The ideal Buyer will be a CPA who is very familiar with the services currently offered by the practice – and specifically tax advisory, a reason many clients have engaged the services of the practice. The Buyer will stand well above the competition in providing exceptional service and availability to the high-profile clientele. The Buyer will have the clear ability to understand the needs of the client and the equal ability to meet those needs through client support as a trusted advisor. The Buyer will carry a firm sense of confidence, but also credibility and ability to provide clients with the value they have proven they are willing to pay for. The Buyer will need to be a relationship builder, not only within the practice but also outside the practice – one who recognizes growth opportunities and seizes lucrative strategies of bringing in high-value referrals and new business. The Buyer will have strong general business knowledge, and will recognize this practice’s value, the uniqueness of the practice, and most importantly – the future growth potential for the practice.
This practice is ideal for a Buyer looking to move into ownership with a highly profitable practice, or a Buyer looking to add highly profitable clients to their existing roster, along with strong, proven, and immediate growth opportunities arising from the current clientele.
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