Things to Know When Selling an Accounting Practice

Important things to know when selling an accounting practice is a skill acquired through experience selling a large number of practices. A broker should sell a significant number of practices in order to prove their ability to manage a transaction. Experience, licenses and certifications will lend credibility in all areas of accounting practice work. 

Increase your knowledge of current market trends and curate a record of success selling acquisitions of existing accounting practices. Competition in the accounting practice industry is fierce, so you need to find a consulting company that offers innovative strategies in order to gain a competitive edge. 

As a consultant showing potential buyers that an accounting practice is staying abreast of developing advances in the accounting field, it is attractive to potential buyers, as well as presenting the accounting practice’s 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. Ensuring all staff and teams are thoroughly trained in sales and/or customer relations programs is important in order to increase sales and provide for many more opportunities in future business. 

Accumulate years of experience working with numerous financing partners with whom you have developed solid long term business relationships. Those relationships nurture trust in relation to securing financing for clients. That experience enables you to be innovative enough to gain a competitive edge in the current selling environment. It is important to provide a potential buyer with confidence that they are investing in a growing accounting practice. Prospective buyers may be moved to buy if an accounting practice has built strong relationships with its clients and understands their challenges, goals and objectives to better serve them. When you offer a potential buyer an existing proven accounting practice and reliable financing options, those are strong selling points. 

Determine the right location and size of the accounting practice you are selling. It should also be positioned in a convenient location in order to serve your clients well and expeditiously. Analyze the types of existing technology and software at the accounting practice you are selling. Will it need modernization or upgrades and what could that cost? You will need state-of-the-art services in order to focus on constantly updating a client database with new insights. 

Examine client rosters and ask yourself if potential buyers can relate to the clients. Develop a rapport with the buyer in order to earn the seller’s trust. Remember, first impressions matter. Identifying your professional qualifications and skills will make it easier for you to project a knowledgeable background. Plan to build on existing clients and their needs by understanding their challenges, goals and objectives. Become their source of help. Cross-sell and upsell your services. 

Are you offering staff and the knowledge that comes with them? Ensure staff and teams are thoroughly trained on sales and/or customer relations in order to increase sales and provide for more opportunities.