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Prior to selling an accounting practice, we will work with the seller to advise on how to structure the transaction and review the tax implications. The practitioner should focus on preparing the financial reports required as part of the due diligence process and complete the checklists we will provide.
We need to understand what the unique features of the accounting practice are and how we can effectively promote them to potential buyers. We consider that an accounting practice should be valued using a balanced approach; while a valuation based on gross revenues is the starting point, we also consider the normalized cash flow generated by the business.
We market the practice to our registered buyers. To avoid inefficiencies, we will screen the potential buyers to determine their qualifications and then provide the seller with a short resume of the potential buyer(s) for review and consideration and gives the seller the opportunity to assess if the buyer is a fit for the accounting practice. No information is provided to the buyer without the seller's consent, so as to avoid issues of confidentiality.
Negotiating a fair deal for both parties is paramount to selling accounting practices. Issues related to employees, working capital, or transition must be clearly defined and managed.
Is the buyer able to finance the purchase? Are they satisfied with the due diligence of the accounting practice? We can anticipate any issues that may arise at this stage and proactively monitor them. We leverage our experience and guide our clients through every step of the closing process.
As Chartered Professional Accountants with first-hand experience in public accounting practice, we understand the business and we can represent our clients in an efficient manner. Should you wish to find out more about how we can help sell an accounting practice, please contact us at.
