As a professional, you make hard decisions every day and give counsel and advice to your clients on a regular basis. But when it comes to selling your own firm, most people have more questions than answers and aren’t sure where to start. That’s where Accounting Biz Brokers step in. With over 34 years of combined experience assisting owners through the listing, sales and transition process, we can walk with you every step of the way to help you sell with confidence and exit with ease.

Phase 1: Preparing for your Sale

• Plan your exit strategy in advance, ideally one to two years before you intend to sell, to maximize your firm’s value and ensure a smooth process.
• Assemble a professional deal team, including a business broker specializing in the sale of accounting firms and tax practices and an M&A attorney to assist with all things legal.
• Organize your firm’s records, which includes ensuring all financial statements and records are accurate, up-to-date, and well-documented.
• Streamline operations by documenting workflows, updating technology, and improving operational efficiencies to make the practice more appealing to buyers.
• Establish a fair and realistic valuation with our assistance, considering both tangible assets and intangible assets like client relationships and staff expertise.

Phase 2: Marketing and Negotiations

• Create comprehensive marketing materials. We will prepare a Confidential Information Memorandum (CIM) to highlight your firm’s key selling points, financial performance, and mix of work along with information about your facility and staff all while protecting your confidentiality.
• Market the practice confidentially by requiring all potential buyers to sign a Non-Disclosure Agreement (NDA) before any sensitive information is shared.
• Analyze buyers carefully, seeking buyers who meet your experience and credential needs, have the financial ability to pay, and could preserve your firm’s legacy and client relationships.
• Negotiate the terms of the sale, working with you closely on all aspects beyond the purchase price, such as payment structure, any employment agreement, and the length of the post-sale transition period.

Phase 3: Closing and Transition

• Conduct due diligence transparently, providing the buyer with access to all necessary documentation to build trust and satisfy the buyer’s need to confirm the financial integrity and stability of the firm.
• Finalize all legal documentation, including the purchase agreement, post-closing employment agreements, and any necessary regulatory filings.
• Implement a smooth transition plan for clients and staff by staying on for an agreed upon period to introduce the new owner and ensure client retention.
• Communicate effectively with all stakeholders (staff, clients, vendors) to ensure continuity and minimize disruption during the ownership change.

Working with ABB will give you confidence through the listing, marketing, and negotiation phases of selling your firm so you can exit with ease as you transition and pursue your next business venture or retirement.