About This Practice
*Purchase price pre-approved by lender*
In 2023, this tax firm is undergoing a complete virtual transformation by streamlining its processes, adding automation, and new technology. This firm consists of 55% business and personal tax, 16% payroll, and 22% bookkeeping services. There is considerable untapped potential within the current client base to further develop the tax advisory and tax planning services with current clients. All clients have seamlessly transitioned to online platforms, eliminating data entry and enhancing operational efficiency.
The client base consists of real estate agents, construction, small business owners and entrepreneurs. This firm uses cloud-based systems which the clients love and enables the staff to work from local and remote locations. Established relationships with industry partners create an ongoing referral stream that the owner has maintained for his/her preferred size and workload. The long-established client portfolio is stable, and desirable. The reputation within the community is outstanding and is known for being innovative, responsive, and the staff take great pride in saving their clients significant taxes.
Notably the firm strategically increased tax prices by 10% in 2022, bookkeeping fees by 25% in 2023 and payroll fees are increasing 10% by July 1. In 2022, the revenue was $431,826 and 2023 is projected to be $450,000. Owner profit is up 8% profit over same time last year.
- Converted to a virtual firm in 2023
- Consistent revenue growth & profit increase
- Cashflow to owner is over 50% and growing
- 2 employees
- Long term, loyal clients with many referrals
- Updated systems in place
A buyer can be an EA or CPA. The ideal buyer should be forward thinking and willing to run a very different kind of accounting practice. A buyer with management experience would be able to continue teaching the staff. A buyer with an entrepreneurial spirit can quickly expand services with current clients. The clients are very loyal and often refer new business; the new owner will have the capability and personality to continue to build on these existing and new relationships. Majority of clients are in the local area so a buyer in the area would be a bonus. The client base has been refined over time to include high quality clients.
A Buyer ready to scale the practice will be able to take advantage of the referrals and overall availability of business that regularly comes to the firm. Overall, this firm presents a remarkable opportunity for a buyer to capitalize on its fully virtual operations, solid reputation, diverse client base, strong cash flow, and the potential for further growth in tax advisory services.
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