Selling your accounting practice is something most business owners do only once. Due to the fact that most accounting practice owners have never embarked on such an experience, knowing what to expect can cause fear and skepticism in moving forward with a transaction. Fear and skepticism, in turn, can hinder the selling process and make it much more difficult to agree on terms.

With that in mind, if you are about to sell your accounting firm, there are many myths you may hear or read about that you should ignore. These misconceptions can slow down the process and even harm your practice’s value on the market. Below, we’ve debunked some of the most common accounting practice misconceptions associated with firm sales and why sellers should ignore them.

Valuing a physical therapy practice is part art, part science, and part math. Generally, the math and science, which we discuss below, is more easily calculated. It is the art – knowing how to sell a business and to whom – where true value is realized. For purposes of this article, we will discuss how to value a physical therapy practice where a controlling interest and/or 100% of assets are sold.

As exciting as it is to buy an accounting firm, you will also have many questions during the process that you’ll need to answer. You will want to know about the current clients within that firm, the employees, whether you will need additional staff, how you are going to market your new business, and much more. These are all valid questions, and you should ask them at some point in the acquisition process. But before buying an accounting firm, you need to ask yourself two important questions first.

Acquiring and retaining new clients is one of the biggest concerns for any accountant, second only to recruiting and retaining good employees. While client retention is a challenge for all accountants, it is of particular concern when purchasing an accounting firm. If you're worried about how to keep clients after an accounting firm acquisition, you’re in the right place. We have some tips to help your accounting client retention below.

Whether you are venturing out on your own and plan to start your own law firm, or your current firm is expanding, you may be considering buying a law firm. Purchasing a law firm is a bold move and one of the biggest decisions you will make in your career, so it is important to first consider a few important factors. Below, we’ll show you how to buy a law firm and the key things to consider before your purchase, including the time of sale, due diligence, and more.

In the most recent issue of the Oregon State Bar Bulletin, Lee Wachocki provides a great strategic insight into the option of law firm succession planning rather than selling your practice. Our very own Justin D. Farmer contributed to the article, titled “Sales Isn’t The Only Option.” You can read the full piece by clicking here. Following is our own synopsis and comments:

You have worked hard and built your law firm into something that you are immensely proud of and that you value a lot. When it comes time to sell your firm, however, it is not the value you place on it that matters. You need to determine how valuable potential buyers will find your firm because that is what you will ultimately receive for it. While you may think it is going to be difficult to ignore your own emotions when evaluating your law firm, there are a few factors you can use to help you step back and really see how much your firm is worth. Let’s dive into how to value a law firm.

Baby Boomers are retiring en masse across all industries. And while the majority of accounting firm owners are baby boomers who are near the age of retirement (65 or older), just as many younger professionals are coming of age and seek to run their own businesses. For the former group, whether you want to retire, semi-retire (perhaps you just want the freedom to travel without firm administration hanging over your head), transitioning the ownership of your firm should be high on your list of priorities. If you want to know how to sell your accounting practice for top dollar, you will want to consider the tips below. 

TACOMA, Wash. (Oct. 3, 2018) – Justin D. Farmer, 36, Founder and President of Private Practice Transitions, Inc., a Gig Harbor-based professional business brokerage, has been named to South Sound Business magazine’s 40 Under 40 list for 2018.

As we have established thus far, the U.S. Small Business Administration (SBA) is designed to help you get the funding you need to start, purchase or expand your small business. Though the SBA does not lend money directly, it does back and supervise the lending process, removing much of the uncertainty for both lenders and applicants alike. This article provides a brief overview of each of the SBA’s four main loan programs. I will be discussing each loan program in more detail at a later date.