About This Practice
This is a well-established and profitable CPA practice with an excellent reputation.
While a multi-service practice, the practice does have a very strong reputation in the unique and lucrative service line of insolvency accounting. In addition to this niche service, the practice also offers a full range of typical CPA services including compilations, corporate and personal tax, advisory, and trusts.
Profit is good (~50% for 2024) and consistent with a 3-year average at 50%.
The practice has maintained stable revenue leading into retirement, however there is significant opportunity for a growth-minded Buyer to take the practice to the next level.
The practice has earned a very strong reputation for the niche and general services it provides. The practice’s work is regularly sought out by new client inquiries, client referrals, and key industry relationships.
Owner hours are very low at ~1,000 hours/year. The owner has reduced their hours in the time leading toward retirement. This low owner hour requirement allows a Buyer the option to leverage the growth opportunities available to the practice, and/or maintain a very desirable work/life balance.
Through detailed training, the owner has built a team of highly capable staff. As a result, the owner can provide autonomy to the team with confidence that the work will be well done and on time. Employees are diligent and reliable. The staff are client-facing, allowing the owner to focus on the higher-level work.
The client portfolio has been built on the reputation of the practice’s high-quality work. Lead-in work from the practice’s specialized services builds long-term clients who sign on for the other CPA services the practice provides. Clients regularly refer new business to the practice based on the results the practice has achieved for them.
The bright, attractive, and renovated office is part of a modern commercial complex. Ample space is available within the office for future growth and expansion.
Location is ideal, with the office facing a busy commercial street in a vibrant business area, easily accessed locally and by major routes.
If you’re looking for a practice that offers a unique and lucrative service option typically not found in CPA practices, you’ll definitely want to follow up on this rare, specialized, and highly scalable opportunity!
Ideal Buyer
The ideal Buyer will be a CPA with experience in all the services currently provided by the practice, and while specialized, will have familiarity and capability (ideally experience) with the niche service line of insolvency accounting (CRA audits, elections, objections and special filings). The Seller notes that strong experience and proficiency in tax work will be a key attribute of the Buyer. The Buyer will also have strong general business knowledge.
The owner suggests that the Buyer have capability, confidence, and personality; these are key qualities that the practice’s clients are wanting and needing.
Beyond the expected, the owner notes that their role within the practice, and in part why the practice is successful, is their ability to truly understand what the client needs, and the ability to provide the best solutions for their clients.
Relationship building and trust building are two properties that the owner says a Buyer will have and need, as these are key in the work that the practice provides for their clients.
If you’re looking for a practice that offers a unique and lucrative service option typically not found in other CPA practices, you’ll definitely want to follow up on this rare, specialized, and highly scalable opportunity!
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