Things One Should Know Before Selling Accounting Practice

Topping the list of things people should know before selling accounting practices is being innovative enough to gain a competitive edge in the current selling environment. It is important to provide a potential buyer with the confidence that they are investing in a growing business with successful clients and a trained sales staff. 

Show potential buyers that they are staying abreast of developing advances in the accounting field by presenting a technology as modern and state-of-the-art. Modern technology can improve the efficiency and speed of operations; vastly improve communications; increase client recruitment and retention; increase and simplify promotion and marketing efforts; and, increase visibility and perceived company value, just to name a few remarkable effects of a digital presence. Ensure all staff and teams are thoroughly trained on sales and/or customer relations programs in order to increase sales and provide for many more opportunities in future business. 

Strengthening existing client base encourages loyalty to an accounting practice, and it can be a very attractive selling point for accounting practices. Take the time to research and learn more about clients and their needs because new business is often generated by references from existing clients. Sell the point to prospective buyers that they have built strong relationships with clients and understand their challenges, goals and objectives to better serve them. Offer tips with potential buyers about how attending industry events and conferences is essential for gaining numerous new client referrals and prospects, and for important general networking.

Provide a potential buyer with an existing trained staff that shares mutual goals and helpful information. Communicate and share each other’s knowledge by breaking down any miscommunication or barriers. Proving that they have invested in collaboration and effective teamwork may persuade someone to buy an accounting practice for high value as compared to a different firm. 

Structuring accounting firms for selling involves evaluating core markets in order to document key factors that affect the perceived value of a business, whether it is growing or declining, or if competitors are expanding. Structuring also includes setting the price and terms.