How many times have you been convinced you knew the truth about a topic, only to discover you were wrong?
Over the past 11 years, I have had numerous CPAs tell me they did not believe their firms had any value or that anyone would actually be willing to purchase their business. I have had CPAs tell me the only terms a firm could be sold under was 20% per year over 5 years, based totally on the collections of the business.
After selling over 150 CPA firms and tax practices, I can attest to the true facts of how these practices have been and can be sold. A high quality firm with stable revenues, a good reputation, and in a good location can bring a great price, and in many cases the owner can receive all cash at closing!
A few other misunderstood ideas about the sale of a CPA firm or tax practice we have found to be true include:
- The transition of the clients, when handled properly, is usually very successful
- Employees usually handle the change in ownership without much issue
- SBA lenders are eager to loan most of the purchase price to a qualified buyer
- Contact us to discuss this and any other questions you may have about your firm and a possible sale.