5 Simple Steps to Selling Your Accounting Practice:
- Have prospective buyers sign non-disclosure agreements.
- Meeting with multiple prospective buyers, not just 1 or 2 groups.
- Come to an agreement regarding price, terms and conditions.
- Buyer performs due diligence.
- Sign purchase agreement at closing.
This is a simplistic understanding of the steps involved to selling your CPA, accounting or tax practice. We would highly recommend hiring a professional consultant to help guide you through the steps. Accounting brokers will help you to set a realistic bar regarding price and terms so you can ensure you get a fair deal for your practice. They can also collect non-disclosure agreements prior to discussing the sale of your practice which will conceal your identity to non serious buyers. Accounting brokers can also help in taking the emotion out of the deal and can be a voice of reason during the negotiations. We would also recommend hiring an accounting broker that specializes in only accounting practice sales and has over 20 years of experience in the industry. Call multiple brokers to ensure you hire the best fit for your firm.