How are CPA Practices Impacted by the COVID-19 Outbreak
The coronavirus pandemic is an unprecedented crisis that will impact every business and industry in one way or another. For many businesses, the effect has been immediate and potentially devastating. For example, restaurants, bars, malls, and other businesses where large groups of people regularly gather are facing the prospect of being closed down for several […]
Examining the Mindset of a Serious Buyer
Selling a business is serious business. The process is complicated, and there are several steps that need to be taken in order to complete a successful transaction. Ultimately, it comes down to finding the right buyer who is qualified, motivated, and willing to pay the price you are asking (or something close enough to it […]
Finding the Right Accounting Practice to Buy
Accounting practice revenue is on the rise. The AICPA reports that between 2014 and 2016, revenue growth ranged from 4.9% for those making $500,000 to $750,000 annually to 10.5% for smaller firms with less than $200,000 in revenue. Finding the right accounting practice to buy depends on a variety of factors, including: Experience Firm specialization […]
Value Billing vs Hourly Billing
Value Billing vs Hourly Billing: Its effect on the sale of CPA practices and Accounting Practices Determining the market value range of CPA or accounting practice for sale is not all that difficult. After reviewing sold comparable data and obtaining pricing guidance from industry experts, the task is quite easy. What is not easy is […]
Who Will Buy My CPA Practice?
When someone considering a sale of their CPA/accounting practice begins a discussion about exit, the conversation almost always turns to the kind of buyer that may purchase the firm. Buyers come in all kinds of shapes and sizes and it is important to understand the nuances of each buyer as you are contemplating a sale […]
Remaining Professional in Business Dealings (Part II)
Last time, we talked about the things you should do to maintain professionalism. Here are three things to avoid: Never Bad Mouth a Competitor: It is easy when highlighting the positive aspects of your business to cut down your competition in the process. This is a big mistake. It is perfectly okay to talk about […]
Remaining Professional in Business Dealings (Part I)
Whether you are buying or selling a business, involved with a merger, or just servicing your clients, it is important to practice professionalism in all your dealings. Professional conduct is at the heart of what we do in the business world. In addition, when we fail to practice professionalism, we not only risk alienating our […]
How Locally Owned CPA Practices Can Draw Clients
The year is more than halfway complete and it is a good time to examine the merits of operating a local accounting practice and what you can do to bring in more clients and outflank the regional and national chains. Being local allows CPAs to leverage certain intangibles to earn the trust of area businesses […]
