Well-established CPA Practice with strong future opportunities in Mississauga/West-GTA

This is a well-established CPA practice with consistent year-over-year growth and an excellent reputation. It’s a 2-partner practice with a great team of dedicated and capable employees. The client list is highly desirable, with many providing excellent lead funnels for more of the same. Most clients are serviced virtually making the potential shift to full cloud in the future a viable option. Future opportunities are strong for many Buyer scenarios. Both partners have interest in staying on with the Buyer in an ongoing capacity. Certainly an opportunity not to be missed!

Growth:  Demonstrated yearly average growth rate of ~9% per year (most recent 3 years).

Profit:  Profit is consistently strong. 

• 3-year average of ~69%/year
• Most recent completed year at ~72%

Service Mix:  The practice maintains a focused service mix of compilations and personal tax (most associated). 

• Compilations (NTR & T2) ~77% of revenue
• Personal Tax (most associated with corporate and business clients, minimal stand-alones) ~21% of revenue
• Negligible annual Bookkeeping ~1% of revenue)

Reputation:  The practice has earned an excellent reputation for providing quality work with an approachable value equation. Referrals from existing clients and industry partners, along with word-of-mouth new client inquiries are consistent and plentiful.

Management Style:  Staff are well-respected and well-supported; staff tenure is a direct result in part to a great work environment. Autonomy is provided to staff; focus is more on results, less on a rigid work atmosphere. Staff handle the day-to-day production and preparation work; the partners handle the higher-level file review work and overall management of the practice.

Staff:  Staffing approach is primarily employment and includes professionally credentialed CPA’s. The minor bookkeeping work is completed through a part-time contracted bookkeeper. All staff are highly capable and experienced in their roles. Tenure demonstrates the staffs’ commitment to the practice – each are well-fitted to their roles and enjoy their work and responsibilities.

Clients:  The client portfolio is highly desirable. Client industries are diverse. There are no client size or client industry concentrations. The client list in part includes lucrative franchisee clients that provide high value, systematic production, and excellent opportunity to grow ongoing client volume in each brand. 

Operations:  Workflows are streamlined and well-defined; from new client onboarding, process work, and results delivery, the practice runs on proven operations that align with the practices size and needs. The practice is set up to operate remotely; staff work from a combination of in-office and home, most clients are serviced virtually. 

Billing:  Clients are invoiced and most billings are collected through an automated payment platform helping to ensure timely payment of accounts and no unreasonable AR.

Opportunities:  The practice offers many opportunities for strong future growth and development.

• Clients on growth trajectories have/will have need for higher level tax planning (tax specialist work). This work is currently outsourced but could be an immediate additional revenue stream if brought in-house.
• Assurance work which is currently outsourced could be brought in-house for current and future clients needing review/audit services.
• The practice is at/over capacity – adding capacity will provide better ability to onboard new clients already in the pipeline along with future referrals and inquiries.
• The practice has grown and continues to grow solely based on referrals and word-of-mouth; a growth-minded Buyer could leverage the practice’s reputation and introduce some marketing initiatives to capture even more growth.
• Move to full cloud operation. The practice already provides services to most clients virtually and is set up and capable for remote work – this combination provides the viable potential for a future-focused Buyer to move the practice to full cloud.

Premise/Location:  While the practice currently operates in part from a physical office, the office has recently only served as an optional space for the owners and staff to work from if they wish. Staff and most clients are not dependent on the office, or an office. The office can remain available to the Buyer until December 31st 2026, however the office will not be available after that date. A Buyer wishing to retain an office-based format will either have existing space or will obtain new space prior to December 31st.

Reason for Selling:  Semi-retirement.

**Beyond the transition, each partner has interest in staying on with the Buyer in some capacity (ongoing business development, high-level file work, staff management/development, consulting, coaching, etc) if the Buyer may have interest in this option.

If the Buyer does not need more than the typical transition time from the 2 partners, one partner anticipates moving toward early retirement and the other partner may consider other earning opportunities (none of which would be competitive with the Buyer, some/all of which could possibly be in conjunction with the Buyer).