About This Practice
*Purchase price pre-approved by lender*
If a buyer is looking for a well-staffed, efficient practice in a rapidly growing market, this one is not to be missed! This CPA firm is located in the beautiful, fast-growing Myrtle Beach area and is well known in the community for its personal service and relationships with its clients. This practice services a majority of business clients (68%), which includes some bookkeeping and payroll, 27% personal tax with the rest coming from estate and trusts. This firm has seen amazing growth over the last several years, all through referrals. The staff work very well together and the systems in place keep everyone on track and work gets done in a timely manner.
New implementations are bringing additional revenues with current clients and new clients. Myrtle Beach has the fastest growing city in the US for 3 years in a row and CPAs are in very high demand there. Accordingly, the owner is projecting over $900,000 in 2024 based on scheduled price increases and new clients with higher fees ($801,000 projected to be from existing clients). The average fees for 2023 are $2,891 for business clients, $461 for personal tax (the new minimum going forward will be $500). This has also increased efficiencies, energized the staff, and increased profitability while adding additional capacity. The owner has continued to implement strategic changes resulting in 126% increase in billings through May 2023 (comparing through May 2022).
- 20% increase in revenue for 2022 and 2023, consistently 16%+ year over year growth
- Over 10 high quality staff members, some remote employees
- 2023 revenue is up $95,000 through September
- Loyal and long-term clients with a diverse industry mix
- Oct 22- Sept 23 income is $681,431
- Fastest growing city in the US – 3 years in a row
- 2024 Projections of over $ 900,000
Ideal Buyer:
The ideal buyer would be well versed in tax and accounting services with individuals and small business clients. The buyer should be outgoing and personable with a client service mindset. An entrepreneurial buyer would do very well to grow this already profitable firm. CPA required. Strong public accounting experience along with good general business knowledge is required. A buyer must have management experience to successfully lead this qualified team. A buyer looking for high growth company will do well in this environment.
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