2 min read

CPA Practice for Sale! Tips for a Successful Purchase Process

By Private Practice Transitions on Feb 2, 2021 11:31:00 AM

If you have an accounting business for sale, you are likely concerned about how the sale will proceed and if the sale will ultimately be successful.

The good news is that there are many resources available to ensure the sale is a success and to make the entire process much easier for you. Below are a few helpful tips to keep in mind if you have a CPA practice for sale.

Topics: CPAs Business Brokerage Accounting
3 min read

Accounting Practice Misconceptions | Private Practice Myths

By Tanya Farmer on Oct 7, 2020 2:18:08 AM

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.

Topics: Business Owners CPAs Sellers Accounting
2 min read

Reasons To Buy an Accounting Firm | Buy Accounting Firm

By Justin Farmer on Sep 24, 2020 2:00:26 AM

Many certified public accountants (CPAs) end up owning and operating their own private practice. Those who want to own and run their own practice have two options: They can start from scratch by purchasing or renting office space, or they can buy an accounting firm, move in, and start running the business. Both options are attractive and hold many benefits for any CPA. However, we’re of the mind that buying an existing accounting firm is a good idea. Below, we’ll explain some compelling reasons to buy an accounting firm rather than start one up on your own.

Topics: Buyers CPAs Accounting
2 min read

Starting Your Own CPA Firm | CPA Firm Challenges

By Justin Farmer on Sep 21, 2020 3:36:24 AM

Certified public accountants (CPAs) have two choices after earning their degree. They can strike it out on their own, or they can find a firm that is looking for qualified CPAs. The thought of starting your own CPA firm and being in complete control of a business may be too good to pass up for some, and it is true that this option has many benefits.

However, there are also CPA firm challenges that come with being independent, and it is important to understand what those are before you hang up your own sign. Before you put together plans, read our guide to the many challenges that CPA firm owners face when starting a new business.

Topics: Buyers CPAs Accounting
2 min read

What To Know Before Buying an Accounting Firm

By Tanya Farmer on Jul 6, 2020 9:48:00 AM

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.

Topics: Buyers Business Brokerage Accounting
2 min read

How To Keep Clients | Accounting Firm Clients

By Tanya Farmer on Jul 1, 2020 5:00:59 AM

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.

Topics: Buyers Business Brokerage Accounting Client Retention
3 min read

Buy an Accounting Firm | Starting Your Own Accounting Firm

By Justin Farmer on Apr 13, 2020 1:54:27 AM

The prospect of owning your own accounting firm is an exciting one, but it also comes with a dilemma for CPAs. The two options available for CPAs who want to own their own practice is either venture out on their own and build an accounting firm from the ground up, or buy an accounting firm that is already up-and-running. When making this decision it is important to weigh the pros and cons. Below, you’ll find a list of pros and cons when it comes to starting your own accounting firm. 

Topics: Buyers CPAs Accounting
3 min read

Finding Accounting Businesses for Sale

By Justin Farmer on Mar 24, 2020 4:11:13 AM

When making any type of business acquisition, there is much to consider, and that is certainly true when acquiring an accounting practice. Finding accounting businesses for sale is hard enough, and there’s also the challenge of understanding the signs of good accounting firms that are worth the cost. Websites such as BizQuest, BizBuySell, and PrivatePracticeTransitions.com are a great place to start, but will only get you so far. If you’re considering buying an accounting business, keep these key considerations in mind.

Topics: Buyers CPAs Accounting
2 min read

Steps for Buying a CPA Firm

By Justin Farmer on Dec 18, 2019 5:46:12 AM

There are many reasons for buying a CPA firm. One of the main reasons many CPAs purchase an existing firm is simple: buying an accounting firm that is already up and running is much easier than starting one from scratch. Buying an existing firm, along with existing operations, also minimizes the risk associated with starting a business because the firm will (a) have existing clients (and therefore work in progress and accounts receivable), (b) have an existing space and infrastructure in place (phones, email, server, filing systems, and the like) and, last but certainly not least (c) have existing staff members. These are just a few of the most critical aspects of any accounting firm and, when combined, create an opportunity that simply is a safer bet than starting from scratch.

Topics: Buyers CPAs Accounting
4 min read

How To Sell an Accounting Practice for Top Dollar

By Tanya Farmer on Oct 25, 2019 2:05:00 AM

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. 

Topics: Business Owners CPAs Sellers Consulting Services Accounting