This is a long-established and reputable CPA practice that has an admirable track record of strong year-over-year growth along with strong and consistent profit. The practice provides a full line of services to a long-term and loyal client base. The practice runs very efficiently through effective workflows and a highly capable team. Owner hours are exceptionally low. The practice has excellent ongoing growth opportunities in a great regional market and beyond. Certainly an opportunity not to be missed.
Revenue: $1,007,491 (2024)
Growth: The practice has a strong and consistent track record of year-over-year growth (3-year average of +18%/year).
Profit: The practice generates strong and very consistent year-over-year profit of ~57%.
Service Mix: The practice offers a well-rounded complement of services including compilations, consulting, corporate and personal tax, bookkeeping, audits (8 @ ~8% of revenue), reviews (6 @ ~3% of revenue), and some minor estate work.
Reputation: The practice has earned an excellent reputation over many years for providing quality work and personal service. The practice receives regular referrals from existing clients and industry colleagues along with regular new client inquiries based on word-of-mouth and reputation.
Owner Hours: Owner hours are exceptionally low at ~700 hours/year. The owner primarily provides overall management, staff support when needed, and spends some time on ongoing business development. The low owner hours provide a Buyer capacity to take on additional growth, and/or the ability to enjoy an excellent work/life balance.
Staff: Staff are highly trained and capable in their roles and responsibilities. All staff are client-facing, owning their work and client relationships. Each team member is dedicated, reliable, and enjoys being part of the practice.
Clients: The client portfolio is industry diverse and shares a desirable balance of long-term and long-future clients. There are no client concentrations. Clients have been selected and maintained based on being a quality client that provides good value for the practice. Most clients are serviced remotely with very few attending the office for meetings or drop-offs/pick-ups.
Operations: Operations are well-defined, streamlined, and highly efficient. Clear and effective workflows allow the owner and staff to maintain focus on their work, priorities, and deadlines. The practice is currently operating with a comfortable capacity level negating the need for a Buyer to immediately hire or bring in additional capacity.
Location: The attractive office is very well located in a vibrant small business core within Vaughan and the overall GTA. The office is easily accessed locally and by all the GTA’s major routes and transportation options.
Opportunities: The owner has identified key opportunities for future growth:
- Expansion of Existing Services: With a diverse and full service offering, a Buyer can choose to expand upon any or all of the existing services. The Seller has noted strong interest in some of the service lines that are currently a smaller portion of overall revenue such as Advisory services.
- Marketing: The practice has grown solely organically based on its strong reputation and regular referrals. A growth-minded Buyer could layer in some active marketing strategies to capitalize on an online presence – something the owner has not actively pursued.
- Growth: With the available owner hours, a Buyer has great ability to apply themselves towards additional work in the practice and/or utilize available time for further business development and growth.
- Leverage the practice’s status as a CPA Approved Training Office: This is a rare and desirable feature of this specific practice; the practice can attract strong talent with this designation.
- Cloud Model Potential: The Seller has noted that while the practice has operated primarily office-based, most clients are serviced remotely, and the practice already has the ability for staff to work remotely. The Seller anticipates that staff would likely be receptive to a full remote model as a future operational consideration.
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