Practice for Sale

State: Oregon

County: Multnomah

City: Gladstone

Status: Sold

Annual Gross:  $365,000

This CPA practice is located along the south I-205 corridor and was started in 1955 with the current owner taking over in 1983. The seller only works a total of 1,565 hours per year and the practice is very profitable. The majority of clients are family businesses for which the practice compiles the working trial balance, prepares payroll, and files both the business and the owner's personal income tax returns. The practice has a strong referral basis, bringing in many new clients every year to add to the mix of long-term, loyal clients. The service mix provided is tax compliance and preparation (77% of revenue), accounting and payroll (17%), consulting (6%). The seller plans to retire, but will be available to assist the buyer through transition. Note: The seller owns the office space and is receptive to selling it along with the practice. This significantly improves the buyer's borrowing power with lenders.

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