This is a well-established accounting practice with an excellent reputation that results in consistent year-over-year growth. The practice operates in a hybrid format combining a strong local market with an equal component of full remote service. The team is strong, proven, and dedicated. The client portfolio is ideal and industry-diverse with no concentrations. This practice offers tremendous ongoing and future growth opportunity for a Buyer who is looking for a turn-key operation with the best combination of community feel and international reach.
Growth: The practice has seen a 3-year average year-over-year growth trend of ~20%/year. The Seller indicates abundant high-quality local client opportunities, alongside the growing cloud component of the client portfolio. Multiple future growth opportunities are waiting to be seized.
Service Mix: Currently, the practice offers compilations, corporate tax, small business tax, personal tax, tax advisory, bookkeeping, estate and trust compliance, and NPO/charity. Some CPA and LPA-based work is currently outsourced.
Reputation: The practice has earned an excellent reputation for quality work and personable service. This has led to regular referrals – from existing clients and also from industry associates. Reputation and word-of-mouth bring in regular new client inquiries and ongoing growth options.
Management Style: The staff are very familiar with the operations of the practice, and their specific roles/responsibilities; this allows the owner to provide autonomy knowing that the work gets done to a high standard and deadlines are met. The practice enjoys a great culture with staff working well as a group and independently. The owner focuses on the higher-level work of the practice including final file reviews and the more complex tax work.
Staff: Staff are well experienced and highly capable in their roles. Tenure demonstrates their commitment to the practice and their enjoyment of their roles. Staff are client facing, often complimented for their professionalism and personable client support.
Clients: Clients are loyal and long-term. The client portfolio is industry-diverse and carries no concentrations. Clients are onboarded according to their fit with the practice; this approach has helped the client portfolio grow with high-quality clients. Client demographics are ideal, with a mix of younger growing clients through to well-established clients with increasing service needs.
Opportunities: The owner has identified a number of continuing growth opportunities for the practice including:
- Additional Services – there are growing requests for additional services not currently provided by the practice including re-orgs/re-structures, reviews/audits/assurance, CFO services, cross-border services, e-commerce, etc. A CPA-designated buyer would also have an immediate opportunity to internalize work currently outsourced due to licensing/designation requirements.
- Current Services Development – the practice currently does some tax planning work, but a tax specialist could take this advisory function to the next level. Estate &Trust is a significant opportunity for further growth. Expansion of the bookkeeping arm could lead growing small businesses through the practice’s higher-level services.
- Available Capacity – the practice has existing staff capacity to take on additional clients and work.
- Cloud Trajectory – the practice benefits from the strong local market and has also successfully developed and retained clients well beyond its local market including multi-provincial clients and some US clients. Further cloud development would continue to provide limitless market reach and hiring geography.
- Advertising – the practice continues to steadily grow on referrals and word-of-mouth alone. A growth minded Buyer could leverage some high ROI marketing to build upon the practice’s strong reputation.
Reason for Selling: Career Change
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