About This Practice
This is an extraordinary CPA firm. It is rare to find this combination of quality clients, superior processes, quality of work, balanced owner hours, and extraordinary profit. The retiring owner has designed every aspect of the business to work together at a level of efficiency seldom seen in practice.
At 88% percent, the cash flow to owner is over double that of the average firm its size, and easily more than many firms greater than twice its size. This, coupled with balanced owner hours of about 2,000 and a flawless CPA Ontario practice inspection record, makes this a unique practice in the market.
The practice profile outlines 24 key points that make this firm a tremendous value. Strengths include high profitability, quality clients, low expenses, fixed-rate billing, efficient and transferable processes, and growth opportunities.
Client engagements include compilations, business and personal tax, and bookkeeping. Personal tax is generally connected with businesses. Efficient bookkeeping is the core of this practice, with a “one stop shopping” experience for bookkeeping, tax services and some consulting. The practice serves a wide variety of clients including professionals, medical clinics, doctors, construction and service industries. Clients are loyal and give quality referrals.
The office culture is laid back and friendly. Management style is relaxed but professional. There are excellent procedures and systems in place that ensure efficient workflow and quality control. Every aspect of the workflow process has been considered and optimized. Client visits are by appointment. The office work proceeds smoothly with very few interruptions. The clients depend on their accountant to take care of their financial matters, so they are undistracted from their business. This frees up the owner to concentrate on work and specific client matters.
This is a very different type of practice. The owner’s goal has been to run a superior CPA firm with uncompromising client service and quality of work and to do so as efficiently as possible, ensuring flexible owner hours and maximum profit.
The ideal buyer will be a designated CPA with good accounting and tax experience. Practical business knowledge is an asset, and as well as a committed client service focus. The right buyer will appreciate and value simple processes and the profitability that comes from an efficient workflow.
The owner-optimized bookkeeping system alone will be worth many tens of thousands per year in increased efficiency and will give the buyer a serious edge on how bookkeeping is typically done. A buyer with existing bookkeeping clients has the opportunity to dramatically increase the efficiency of their existing workflow using this firm’s techniques.
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