This is a long-established and highly reputable CPA Practice that has been purposely designed for minimal owner involvement. Current profit aligns accordingly – a strategic Buyer will recognize that the opportunity with this practice is the blank slate ability to drive waiting profit through staffing re-alignment options while leveraging the quality of the client portfolio and multiple strong future growth opportunities. The team is exceptional; highly qualified, credentialed, and capable. The practice maintains a desirable, valuable, and diverse client portfolio. A broad spectrum of services provides a one-stop-shop, ideal for clients growing through new service needs, and for high-level clients with specific requirements. Operations are progressive, combining industry standard platforms and internal workflow to produce high quality results and value for clients, and the practice. Quality work goes out, revenue comes in, non-current AR is negligible…plus tremendous growth opportunities just waiting – the dream recipe for your future practice!
Service Mix: The practice offers a full complement of one-stop shop services including compilations, corporate tax and associated personal tax, audits, reviews, and some minor estate, re-orgs, trusts, and special work.
Reputation: Excellent work and personable service have continued to earn the practice a strong reputation. Referrals are common, from existing clients and also from industry colleagues.
Growth: Approaching retirement, the owner has chosen to maintain the practice at its current size. Focus has been maintained on the practice’s clients, the maintenance of excellent service standards, and thorough high-quality work. Tremendous opportunity exists for a Buyer to seize the strong growth prospects of the practice – see ‘Opportunities’ below.
Profit: While profit presents lower, there is very good reason – the owner has chosen to maximize the ‘life’ component and minimize the ‘work’ component of the ‘work/life balance’ equation. The profit of the practice can be readily normalized by a Buyer who chooses to operate within the practice in a manner more consistent with what would be typical for a practice of this size and operation. Equally, labour re-organization options offer excellent opportunity to leverage the capacity/growth/profit components of the practice.
Pre-covid, the owner was operating the practice more typically – consistently generating ~40+% yearly profit.
Owner Hours: As noted, this practice has been designed to operate with little owner-involvement; the owner enjoys extremely low hours. A Buyer has great opportunity to put time towards business development (build on the available growth options), or continue to enjoy the very favourable work/life balance that the current owner has created.
Billing: Clients are invoiced and pay on time. Non-current AR is negligible. The practice maintains strong control of billings and AR.
Management Style: The owner has curated a strong team that operates very independently. The right individuals in the right positions allows the owner to provide trust and autonomy and in return take in confidence and assurance in the ongoing successful operation of the practice. The owner has a clear understanding that any practice is actually the practice’s team, not only the practice’s clients; with this appreciation, the owner has attracted, built, and maintained a long-term dedicated team through the provision of attractive compensations, a great work environment supportive of professional development, and role alignment that creates both results and motivation.
Staff: The practice utilizes an employment model for staffing. Staff are highly capable and experienced in their roles. Roles and responsibilities are clearly defined. All staff work from the office although the practice is set up for remote work as an option if needed/wanted. Staff are very dedicated to the practice as evidenced in their tenures. Staff work well collectively and independently, and have contributed to an admirable overall team culture. The team operates as a team far more than simply an assembly of roles. Each team member enjoys their work and responsibilities, and their valued part in the success of the practice.
Clients: The client portfolio is desirable and diverse – clients are loyal and long-term. *The practice has maintained a substantial number of valuable mid-tier level clients, not common to most practices in this category. The client base contains no concentrations. Client demographics are ideal, with plentiful ongoing/increasing revenue opportunity in the existing portfolio.
Operations: Workflows are well-established and supported with current industry platforms and software.
**Key to this practice is its ability to operate autonomously with little reliance on the owner. This operational model is well-proven in this practice, and is rare to see at this level.
Technology: Caseware, TaxPrep, QBO, Sage, MS Suite.
Description of Facilities: The office is an ideal environment for a professional CPA practice. Within a highly attractive professional office building, the office is modern, bright, and a motivating space for staff and any local clients choosing to visit.
Location: The practice is perfectly situated in an amazing location – easily accessed both locally and by major routes including public transit. Within a central part of the GTA, the immediate and surrounding market offers tremendous opportunity for growth.
Opportunities: This practice offers excellent and unique opportunities. The retiring Seller acknowledges their ‘time of career’ and wishes they were at an earlier point in their career with the practice as it is now – all to take advantage of and build on the excellent growth options available including:
- Intake the referrals and new inquiries that the current owner has been more reserved with based on their preference to maintain the practice size as-is.
- Expand on high-level services. A Buyer able to offer services such as corporate re-orgs/re-structures, consulting, tax specialist work, etc will have a great opportunity within the existing client base and also the regular incoming referrals.
- Additional services. The Buyer has opportunity to layer in additional lead-in and aligning services such as bookkeeping, consulting, etc.
- Marketing. The practice has never marketed; good opportunity exists to leverage the practice’s reputation and capability through active marketing approaches.
- Expand the virtual component. The practice has a strong presence in the local/GTA area; strong growth opportunity exists to expand service delivery beyond geographic lines by implementing an aligning remote/virtual approach option.
- Capacity. A Buyer needing immediate capacity can take on a strong team of talented, dedicated, and reliable staff.
- Strategic structuring. The practice is a blank slate for any Buyers’ plan; structure the future of the practice according to your goals – there couldn’t be a better take-off point!
Reason for Selling: Retirement
**Ongoing Seller Involvement: While the Seller is moving into retirement and fully vested in a full and successful transition, they are additionally receptive to the possibility of an ongoing work arrangement for the right Buyer; perhaps maintaining some high-level specialized work, coaching, continued business development, etc.
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