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Looking to start the next chapter of your life — but unsure of how to start and navigate the transition process? These select articles contain answers to our most frequently asked questions. Many other informative articles on the entire transition can be found on our blog.
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Reasons to Avoid an Earnout When Selling Your Accounting Practice
Earnouts are popular deal structures used by buyers and sellers of accounting practices, but they have drawbacks. In an earnout, a buyer pays for a practice using the earnings that are actually experienced from that practice, plus an initial down payment in some cases. In a pure earnout structure, the buyer takes no risk in the deal and pays no interest, while the seller takes all of the risk.
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Timing Your Exit - CPA Firm Succession Planning
When owners of CPA firms first begin to think about succession planning, the most important decision they need to make is when to bow out. Too soon, and the owner may find letting go of the practice difficult or even impossible. Exiting owners who are not ready to let go often end up micromanaging their successors, which damages the handoff.
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Getting an Accounting Firm Ready for a Sale
Your accounting firm is probably one of your largest assets and a little planning can help you make the most of it. Do the obvious things when getting an accounting firm ready for a sale. They do in fact make a difference.
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CPA Practice Valuation - The Key Factors
CPA practice Valuations can and do vary quite a bit. The industry standard rule of thumb is “1 times gross” which is a very long-standing belief held in the accounting profession.
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Accounting Practice Sales-Price and Terms Comparison
Price and terms are an unbreakable pair. You cannot discuss one without the other. That said, it is extremely tempting to put more weight on the price. A lot of accounting practice owners we speak with underestimate the difference terms do make in the sale.
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Why Successful Accounting Practices Sell for Cash
In the overwhelming majority of cases, owners of profitable accounting practices can get all cash or all cash equivalent terms at closing-with absolutely no contingencies after closing. We discuss why fixed-price deals help to create superior transition results post-close.
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5 Important Concepts for Successful Accounting Practice Transitions
Accounting Practice Transitions can be extremely successful when handled with reasonable care and common sense. That said, some of the basics can be elusive in practice.
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Accounting Practice Sale - Internal vs. External
Accounting practice sales are different for small firms so succession planning for small firms should be different too. The fewer partners and employees a firm has, the more difficult an internal succession is likely to be.
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Why Millennial CPAs Should Consider Firm Ownership
According to the editor-in-chief of MiLLENNiAL magazine, 60% of Millennials see themselves as entrepreneurs, while 90% say they have an entrepreneurial mindset. One way Millennial CPAs can put this mindset to work is by starting their own firms.
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- Increasing income without increasing hours in your accounting firm with Loren Fogelman
- Remote teams can help attract the right people to your accounting firm
- Four Steps to Improve CPA Firm Capacity
- Practical advice for scaling your accounting firm with Kenji Kuramoto
- Four key tips for creating a desirable accounting firm for succession and staff retention