When you think it’s probably time to let go off your accounting practice by way of putting the business up for sale, things could get very emotional and difficult. This is so true especially when part of your personality is attached to the business, like your name for example; John Doe & Sons.
Now, imagine you have built your accounting practice all the way from scratch; you were practically there during the storms and victories recorded in the business history for which you saw through all these experiences. You see, this is a normal and natural tendency to want to still want to ‘hold on to’ especially now that you are ready to sell. You think that you definitely have to be the ‘front-man’ in every transaction leading up to the sale of your business.
3 Pitfalls of Selling Your Accounting Practice all by yourself
1. You may find yourself in situations where you’ve finally come to terms with a potential buyer, but the buyer will be unable to secure the financing for the transaction.
2. You will eventually run the risk of getting tired of the entire process and negotiate away huge amount of money just so you could close the sale
3. Worst case is that you receive and accept an offer that is not the full fair market value of your accounting practice.
Reasons to use a Broker in Selling an Accounting Practice
1. A broker will make the whole transitory process much easier.
2. A broker will prevent you from any emotional interference
3. Using a professional broker will allow you time to focus on other important engagements rather than being distracted by the selling process
4. No matter how you may view it, using a broker presents you more professionally as against going it all by yourself.