Selling Your Accounting Business in Connecticut?
Are you exploring opportunities for the sale or even dissolution of your accounting business in Connecticut? The realities of today's economic climate, a saturated landscape of CPA businesses in CT, and client churn can make it difficult to justify putting 80 hours or more a week into running your own firm.
What's more, you may be struggling to retain top talent when so many financial firms peppered throughout New England are simply able to put more on the table when recruiting qualified accountants, financial experts, and CPAs. It's important to know that you may be in a better place strategically than you realize. This is true even if you run a smaller firm.
Things to Consider About Your Position as a Seller
Establishing your value prior to going into negotiations is important. One of the main metrics used to determine value is your rate for client retention. Ideally, a steady client base comprised of long-term, dependable clients is going to put you in the best position to sell.
Be prepared for the fact that each sale is unique based on the way buyers and sellers agree to come to the table.
Generally, a person looking to sell a smaller firm with a loyal client base is often in the best position to simply "walk away" from a very neat negotiation process with an amount that they find to be very realistic. You may need to prepare for some deeper negotiations with more nuances and stipulations if you own a larger firm. However, there is the potential to gain handsomely if you're selling a larger firm with lots of built-in value and local recognition.
A Process Where Everyone Walks Out Ahead
What is the process of selling an accounting firm in Connecticut? You're really looking at a three-phase process if you choose to sell with a seasoned firm like Fusion CPA.
Our firm places an emphasis on creating a smooth transition that allows the buyer, seller, and clients to win. We aim to utilize a proven process for making sure the right steps are taken at the right time to boost firm value and maintain the strictest of principles for doing good business.
During this process, we will:
- Evaluate your practice to understand processes, workflows, and strengths to come up with a timeline for merging or selling your firm.
- Conduct a valuation that considers retention rates, lines of business, specialties, and other indicators for the sake of determining a final asking price.
- We put an agreement in place before moving to merger mode. This agreement details all aspects of transition and post-closure responsibilities.
Of course, this is a simplified blueprint for what is often a very detailed process requiring meticulous work. The Fusion CPA team is uniquely prepared to ensure that the process goes smoothly because we're a team of finance experts responsible for running a high-volume, highly respected accounting and CPA consultancy in Georgia. We work hard to align final sales or merger terms with seller goals.
Fusion CPA Is Seeking a Merger or Acquisition with a Bookkeeping Firm in Connecticut
Fusion CPA provides bookkeeping, accounting, CPA, tax planning, and CFO services to businesses of all sizes across nearly all industries. We've made a name using tech-based, highly innovative solutions to help our clients achieve their goals.
Before considering the dissolution of your business in CT, talk to us about becoming a partner you can entrust with the brand you've worked so hard to build. Please fill out the form below if you're exploring options for selling or merging your accounting or CPA firm in Connecticut.