Buying an accounting practice in Washington state is an exciting prospect. There are always challenges and risks to building a practice, but buying an existing one mitigates many of the uncertainties you face with a start-up.
An existing practice offers the benefits of established clients, accounts, staff, and office space; but there are serious considerations to consider before jumping in.
There is no definitive process or approach to buyer or selling a practice. The numerous variables between practices, the buyer and the seller can create a complex process most individuals aren’t experienced at handling. However, the more knowledge you have going into this process the better prepared you’ll be to ask the right questions and get the best value.
Start your due diligence early and consider:
- What size practice you want to buy.
- Whether you want to take on the practice’s physical office.
- How you’ll obtain the financing and what your down payment will be.
- Is your knowledge and ability a good fit with the services being provided.
- Whether you are a good fit with the practice’s current staff.
- Is there a good fit with the seller as this will be an indicator for fit with the clients.
Why Buy an Accounting Practice in Washington?
You probably landed on this page because you’ve been researching accounting practices for sale in Washington. It’s an excellent market and there are solid reasons for buying a practice in the state.
- Boasting the 14th largest GDP in the U.S., Washington is home to 10 Fortune 500 companies. The state’s active economy creates a desirable climate for finance-related firms.
- There are more than 27,000 accountants currently employed at close to a thousand licensed CPA firms in the state. All the “Big Four” firms have locations here, as does Moss Adams, the West Coast’s largest finance firm.
- The U.S. Bureau of Labor Statistics projects that the number of accounting positions in Washington will grow by over 20% by 2022 (as opposed to a more modest 13% national growth rate).
The sale or purchase of a practice is one of the most important transactions an accountant is likely to undertake in her or his professional career. The decision should not be taken lightly, and the process should be afforded the respect it deserves.
Accounting Practices for Sale in Washington
Today, the potential for entrepreneurial CPAs is huge and there are numerous advantages to acquiring an already established firm. We hope the above information on buying an accounting practice in Washington has been of value.
ProHorizons is a West Coast brokerage and consulting company focused on tax and accounting practice sales, acquisitions, and practice development services. We invite you to view the list of accounting practices for sale in Washington that we currently represent.
Have more questions about buying an accounting practice in Washington? We have the answers!
ProHorizons offers a personalized approach to the purchasing process. Our goal is to help you select the accounting practice that meets your personal needs and long-term goals. Contact us today to learn more and to request a confidential, complimentary consultation.