How long does it take to find a buyer?
Although it varies depending on time of year, on average it takes almost 3 months to find a buyer. Generally, the larger the practice, the longer it takes to sell.
Will I be required to work in practice after the sale?
This is a point which is always up for negotiation. With our experience we like to advise for the seller to be involved with the purchaser for a period between one to three months. The advantage is that this will ensure the smooth transition of your clients to the acquirer. Although a direct contact with the clients is not always encouraged after the sale, it is beneficial to all to know that the predecessor is still on hand if need be.
What is the average profit margin for an accounting practice?
Each practice is different and will yield a different net income, but that said, most practices should have a profit margin of at least 40%. The higher the profit margin, the higher buyer activity a seller can expect to achieve when trying to sell their practice. This is a key component buyers will review when looking at different practices.
My employees are interested in buying my firm. Is this a good idea?
Staffs are very often the best people to sell your accountancy practice to as they know the clients and are familiar with your firm. However, you should still treat it as a formal sale as if you were selling to strangers.
How will you sell my accounting practice while keeping my confidentiality?
Confidentiality is important to us and we understand it’s significance. Our firm obtains non-disclosure agreements on all prospective buyers before any of your information about your practice is disclosed to them. We will not reveal your name, the firm’s name or location until we have qualified each prospect and deem that they are a serious and capable candidate to buy your practice.
How can Accounting firm sales help me in selling my accounting practice?
We assist in selling your tax practice from start to closing. We begin by tailoring a customized marketing package for your firm. This helps us learn more about your practice so we can assist in setting the best price, terms and conditions of the sale based on current market conditions. We then target the market to qualified prospective buyers and leads who are interested in accounting practice sales like yours.
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Speak to an advisor and learn how we can help you buy or sell a practice