(403) 402-2679

As the fall settles in, most business are reopening. In general, accounting practices seem to be doing well, and most practitioners that I connected with are complaining of being too busy!

How will this translate in terms of practice transition? We expect that some sellers who previously had concerns regarding the valuation of their practice, now realize the market is still hot. From a historical perspective, summer and fall were always the busiest in terms of practice transition. We hope that this will convert into new deals coming to the market.

A few days ago, I talked to one of our competitors that is listing a 2+ million practice. This was the only practice available in his portfolio and although there was some initial interest from prospective buyers, there was no sale. The hot market is for small and medium practices with revenues up to 1 mil. High value practices are a much harder sell. In my opinion, we will see some increased consolidation in the space in the following years, but the trend will maintain steady for the small/medium practices to be acquired on multiple offers.

After the long weekend, we will start a mail marketing campaign across the country. Please encourage your colleagues to register on our website to receive the most up-to-date information when new practices are available for sale. We are the latest entrant in a market dominated by foreign franchises that try to sell Canadian practices. While competition is healthy in our business, we are offering a more comprehensive approach to the transition process. As a public practitioner, I have a good understanding about valuation and transition compared to a franchise agent that is not CPA-designated or has never worked in public practice.

Practice Tips

Practice Management

Risk and Reputation

Recently, one of the provincial bodies published an article regarding the risks associated with preparing CEWS claims for clients. The article discusses integrity, unlawful activity and due care. It reminds practitioners to stay objective, and not prepare and apply on behalf of the clients unless they are comfortable with the numbers used.

For the full article and discussions, please check my LinkedIn posting here.

Or download the PDF here.