Older owners and accounting professionals love their paper. They love their folders and three-ring binders. When staff accountants sign off on their final workpaper and think they’re done preparing a tax return or other accounting engagement, think again! You still have to print out all the workpapers, the entire tax return, then put hole punches […]
What’s the most difficult part of running a business? People! Clients who won’t pay their bills and employees who constantly ignore company policy are examples of individuals who can be two of the biggest culprits that can make running an accounting practice occasionally stressful. Businesses would be so easy to run if owners didn’t have […]
Assume for a moment that you are a CPA determined to sell an accounting practice. From trade secrets to customer database lists, you are about to provide potential bidders and direct competitors with a host of confidential information. Can you imagine freely handing over these critical pieces of strategic information with no protection for yourself […]
One of your jobs as a CPA is to be a strategic advisor. You advise your clients on how to be prepared with the right documentation, details and records to protect and even maximize the monetary value of their personal and business financial activities. This is one of the skillsets you will need to utilize […]
If you are selling your CPA practice or firm, or even just thinking about it, what is most likely of paramount importance to you is finding a qualified buyer who is a great fit for your practice while receiving maximum value and maximum cash at closing. You are likely thinking: “Right. Well tell me something […]
Most people have heard the stereotypes about millennials – that generation born after 1980. Lazy. Narcissistic. Disloyal. Entitled. Only interested in positive feedback. They care more about money than meaning, and are married to their smartphones. But is this true? And what if a millennial wants to buy your CPA firm? Should you sell your […]
Whenever Accounting Broker represents the seller of an accounting practice, we coach that seller to have non-compete agreements in place with the accounting practice’s employees. This helps to protect the practice from employees leaving and taking clients of the firm with them when they leave. Without non-compete agreements, a potential buyer of the practice would […]
It is just after tax season, that annual lull in activity before more deadlines are hanging over your head just around the corner. You might be saying to yourself, “I need to spend more quality time with the grandkids and do some fishing up country. I’m more than ready!” But are you really? There is […]
Making a deal for a CPA practice for sale always carries inherent risk. If you are reading this, you are more than likely an accountant. Therefore, it is in your DNA to do what is necessary to at least minimize, if not altogether avoid, risk. Unfortunately, when it comes to selling an accounting firm, many […]
You made the decision to sell your CPA firm and now you’ve found a promising prospective buyer. Hopefully, you have already required the buyer to sign a nondisclosure agreement. As a knowledgeable professional, you understand any buyer will need to perform their due diligence on your firm. But when it’s actually happening, it can sometimes […]