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Summer has finally arrived. We hope you've had a good tax season!

Though COVID-19 measures have recently slowed business, the extended filing deadline has given some practices the opportunity to boost their efficiency. We've heard that more and more firms are following the digital trend and moving their resources online. This is a good sign for any buyer, as the prospective practice is more flexible and less tied to a physical location.

We had a few inquiries over the busy season, but it looks like sellers are less interested in advertising their practice for sale at this time. I think this is a combination of concern for available retirement funds (however, since March the financial markets recouped most of the decline in value) and uncertainty around business valuation. At the moment, it is hard to assess the impact of COVID-19 over the fees charged and client retention.

To ease your questions and concerns regarding the process of selling or purchasing a practice, we'd like to connect with you online. On July 13, 12:00 EST, Melanie and I will cohost a webinar that will introduce a buyer and a seller that already completed their transaction to share their thoughts regarding the business transition. Please stay tuned, we will send the details shortly.

Practice Tips

GTA Accountants Network is an association based out of Toronto. Their mandate is to connect accounting, finance, tax and other professionals with excellent speakers and topics on a wide range of relevant topics on a cost-effective basis, as well as networking opportunities. They provide a multitude of professional development webinars catered towards public practice. They offer morning and afternoon sessions to accommodate all schedules. As a subscriber to our website, we are offering a 10% discount to any of the online webinars. Use code PRACTICEFORSALE10 at the checkout. To learn more about their offerings and register for webinars, please visit their website.