Accounting Firms for Sale: Finding the Right One for You
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Purchasing an accounting firm can be a great business decision for growing your client base or expanding to a new area. Many people sell their CPA practice when they retire or move to a new area, which means there is an opportunity to jump into an existing business and make an immediate impact. However, actually purchasing an accounting practice is a different story that can seem overwhelming. Here is how to find accounting firms for sale in four steps.
Find a Broker
Start by finding a broker to show you the ropes. An experienced broker can make all the difference in the buying process. A broker will help you find accounting firms for sale, negotiate the best deal, and provide guidance along the way. Having a broker means having another person in your corner to guarantee you’re making a good decision for your business. Talk to multiple brokers to find the one that is the best fit for your goals and personality.
Consider Your Business Goals
After choosing a broker, sit down to determine your business goals for purchasing a CPA firm. Do you want to add another practice to your portfolio, or are you looking to manage the firm’s day-to-day client interactions? Are you expanding to a new area or specialty or building on what you already have? Considering your goals for the future can help you pinpoint what you’re looking for and get you and the broker on the same page to find the best accounting firms for sale.
Similar to buying a home, consider the boundaries you want to set for a potential new firm. Think of these as things you must have and things you can’t have. For example, you might be looking for a practice in a certain town or neighborhood or with a certain annual revenue. On the list of things you would never purchase could be a practice with a certain specialty or with a number of clients that is far above or below what you’re looking for. These boundaries limit your search and help you only look at firms that are actually a good fit that you would consider buying.
Have an Open Mind
It might seem to go against the step of creating boundaries, but having an open mind is crucial in the buying process. Remember that as the new owner, you have the freedom to change the practice and update things you don’t currently enjoy. Don’t immediately discredit an outdated office space or small client list. Have an open mind to see the potential of each practice. The right accounting firm for you could have some quirks or projects but end up being just right for your professional goals.
When searching for accounting firms for sale, take your time to put together a great team to support you and define exactly what you want. The searching and buying process can be tedious, but following these four steps can put you on your way to finding the best practice.
Let Us Help You Find the Right Accounting Company
Pro Horizons works as a brokerage company, helping people find and acquire accounting firms that are on the market. If you’re interested in learning more about how we can help you find an accounting company that is right for you, contact us by filling out our online forms or calling us at 800-729-3242.