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 CPA practice to them?
Despite the beliefs many baby boomers and Gen Xers have about millennials lacking drive and other entrepreneurial qualities, the wise accountant with a CPA firm to sell will slow down and consider the situation.
What’s Their Track Record?
Whatever generation a person belongs to, his or her track record will reveal the truth. How did this millennial perform in his last job? What’s his educational experience? What do his clients have to say about him? Do your research and you’ll quickly find out if this millennial is a winner or a slacker.
Difference Between Boss and Employee
Here at Accounting Broker, we sometimes hear sellers bemoan the fact that their key employee accountants just don’t work hard enough. They find an accountant with a good track record, pay him a salary of $80 or $100 thousand, and expect the young accountant to give the job his all. Meanwhile, the owner is netting a quarter million. But that young accountant might work a lot harder if he could get his hands on the quarter million instead of the eighty thousand. The point is that there’s a big difference in motivation between an employee and an owner, and between making a good salary and a great one.
Judge the Down Payment
When the millennial buyer has a strong track record and comes up with (through loans and his own savings) 70 or 80 percent cash to buy your CPA practice, you’d better take him or her seriously. The fact that they have the money and are putting it all on the line proves their sincerity. In general, accountants tend to be hard workers. When a young person puts all his or her cash into a business, that money will serve as a significant motivator to drive performance.
Let Us Help
We at Accounting Brokers Acquisition Group have an enormous database of serious buyers. We comb through the possibilities until we find the absolute best contenders – whichever generation they hale from. The people we bring to the table have been good employees with proven track records, and will be great owners.
CPA Practices for Sale
How do we find all your best prospects so quickly and efficiently? Accounting Broker Acquisition Group is the only national business brokerage of its type comprised 100-percent of brokers who are CPAs with significant “Big Four” merger and acquisition experience. That’s why we’re confident we can find the best buyer and secure the best terms.
Contact us today to experience the Accounting Broker difference.