The Emotional Side of Selling or Buying a CPA Firm-Part 3

We have been discussing the emotions surrounding the sale or purchase of a CPA firm or tax practice. We have addressed the emotion of fear.

The next emotions we will address are Excitement and Sadness. Sellers will generally vacillate between these two emotions often. As excited as they are about the possibilities of enjoying retirement or pursuing other business opportunities, they cannot seem to separate the excitement from the sadness of leaving behind the personal relationships they have come to enjoy during the many years of serving their clients. They are excited about leaving behind the long hours, administrative duties, etc. but will miss the daily routine and the interactions with employees and clients.

While it is common to feel both of these emotions at the same time, in time after the sale, the seller will usually become more at peace with the decision to sell, especially as they begin to enjoy a more relaxed, fulfilling lifestyle. Most people work a long time anticipating this time of life, so try to just focus on the things you love to do and enjoy!!!

Buyers, you too may feel the emotions of excitement and sadness, but for different reasons. As you enter a new phase of firm ownership, remember why you chose to make the leap and learn ways to focus on the positives! Firm ownership can be overwhelming, but very rewarding!

In our next post, we will conclude this series on emotions and discuss Pride and Satisfaction.  Stay tuned…

About the Author

Picture of Kathy Brents
Kathy Brents
Kathy is a life-long resident of Central Arkansas, where she received her undergraduate degree in accounting from the University of Central Arkansas. Upon graduation, Kathy worked for CPA firms in the Central Arkansas area prior to starting her own CPA firm in Conway, Arkansas in 1986. While practicing public accounting, Kathy had many opportunities to provide guidance to her clients as they were involved in the purchase and sale of many businesses. Kathy sold her own CPA firm in 2006. In 2004, Kathy began her 2nd career in the field of business brokerage. Kathy is also a Certified Business Intermediary (CBI) and a member of the International Business Brokers Association (IBBA).

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