High cash flow EA firm, with great staff and high net worth clients for sale in Hilton Head Island

Designation:	EA Firm
Location:	South Carolina
Status:	SOLD
Listing ID:	SC2023
Asking:	$850,000
Annual Gross:	$615,000
Reason for Selling:	Retirement

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About This Practice

This firm is a very reputable accounting practice with excellent, long-term clients. Engagements include individual tax, business taxes, bookkeeping and consulting. Cash flow to owner is consistently over 70%. This firm has seen exceptional profit growth over the years. This practice boasts independent and experienced staff that maintain strong client relationships. They are a cohesive, trained team of professionals.

Client referrals constantly bring in new clients with no marketing. The office is in a great location on a busy street so there is great visibility and signage. The building is easy to access with ample parking. They are in a variety of different industries and professions, including construction, service, restaurants, retail and government ( post office, town and county offices). Clients are billed though a mix of retainers, monthly billings and at the time of service. Clients pay on time so the firm maintains a low accounts receivable and has annual price increases. Only ideal clients are retained to maintain efficiency and profitability. Cloud based systems allow the team to be efficient and timely.

Ideal Buyer

Buyer must be forward-thinking, open-minded, and enthusiastic about running a company. A buyer with an entrepreneurial spirit and excess capacity could easily take on more clients and grow the firm. There is an opportunity to add more advisory services with the current client base, which would increase revenues. The clients of this firm like the personalized service and laid-back culture of this practice. An owner with good tax, financial statement review, and QuickBooks experience could handle the technical demands.

Buyer should have bookkeeping and tax planning experience. The ability to create great relationships with staff and clients will be important. Experience managing staff is preferred. The ideal buyer will be a similar firm that wants to get to that next level or one that just wants to expand into this market. This practice is perfect for a single owner or two partners.

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About the Area

This area is a paradise. Hilton Head Island and Bluffton are wonderful with the beaches, unlimited tennis and golf, restaurants, and an Arts Center. There are lots of diversified private communities (retirement, golf oriented, beach oriented, boating oriented). Local population is about 250,000 and over 2.5 million people spend their vacation time in the area. Running a practice in Bluffton/Hilton Head means you get to be here all year! The airport in Hilton Head is easy and with a growing number of nonstop flights, you can get around the eastern coast, Midwest and Texas. Savannah International Airport (45 minutes from Hilton Head and 25 minutes from Bluffton) can take you anywhere. Savannah and Beaufort are 45 minutes away. Charleston SC is 2 hours and Jacksonville FL is 2.5 hours. The Hilton Head/Bluffton area is one of the fastest growing areas in the country which brings in more and more future clients.

Hilton Head Island and Bluffton, has a have median household incomes (2019) of $85,575 and $82,481, respectfully, which is higher than the state’s median household income of $53,199. The area is largely affluent. The area’s strong economy is maintained by a wonderful mix of Hilton Head’s resort industry and a constant flow of relocating retirees. With its mix of small town atmosphere, urban feel which attract retirees from all over the US, and a sustainable community, Hilton Head Island has a business-friendly environment able to handle the demands of a growing economy. Plus Hilton Head and Bluffton boast Atlantic beaches, low-country marshes and large winding rivers. All of these make Hilton head Island and the Bluffton area a top choice for owning a business.

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