Selling Your Accounting Firm In Tennessee?
We're in the market to buy an accounting firm in your area.
Reasons to Consider Selling Your Accounting Firm
Are you looking for a business opportunity that will allow you to sell your accounting firm in Tennessee? This is undoubtedly a big decision that requires plenty of deliberation. However, the reality is that there may be a lot of freedom waiting for you on the other side of this decision once you find the right firm to acquire the business you've built. It may be time to look into the possibilities that await when you merge with an established, highly structured firm with a broader reach and workforce.
Building an accounting firm is a rewarding experience that requires dedication and focus. Many firm owners don't fully realize the extent of the commitment until they are immersed in the 24-hour-a-day realities of running a financial business. Burnout is a common problem among accounting firm owners. It's typical for someone in charge of a firm to work 80 hours a week. Much of that work includes handling client matters while also managing a workforce.
The significant issues that firm owners face often have to do with keeping a business afloat and resilient during uncertain times. Many firm owners find that they can see healthy interest during tax season. However, the rest of the year can be slim. What's more, the balance of finding qualified, competent CPAs and accountants during a small window of the year without bulking up permanent staff can be challenging.
- Talent turnover - Talent turnover is a big issue for smaller firms. The reality is that it's difficult to compete with larger financial institutions when it comes to attracting and retaining top talent. The ability to offer incentives isn't there for many smaller firms. This means that smaller accounting firms are often forced to hire recent graduates looking to build experience. Unfortunately, many less-experienced CPAs and accountants will ultimately contribute to a constant stream of turnover at a firm. It's challenging to provide your clients with top-notch, seasoned expertise when you're having difficulty competing against larger firms for highly experienced accounting, finance, and tax professionals.
- Client churn - Client churn is another big issue for accounting firms. It can be difficult to establish long-term contracts when you're a smaller firm. Many clients will make the switch if they are poached by other businesses that offer similar services. This is something that makes it very difficult for an accounting firm to become established in a specific city. It also means that you're stuck with the task of spending time and money on marketing efforts to recruit new clients.
- Uncertainty about the future - Uncertainty about the future makes right now a potentially ideal time to sell your accounting firm. Ultimately, it can be hard to say if a client pool will be there in the months and years. The overhead costs of maintaining the infrastructure, staff, and licensing needed to keep your firm running leave very little room for uncertainty.
Fusion CPA is actively looking to merge or acquire a accounting and tax firms in Tennessee
It's worth exploring the idea of selling your accounting firm to an existing firm. We are currently seeking opportunities to merge or purchase an accounting firm in Tennessee. Our business operations have evolved with technology, and we are continually making innovations to serve our clients better. Our goal is to provide optimal services as we strive to address every aspect of our clients' needs.
We have structured a 3-phase process designed to streamline the transition process involved in merging and/or selling your accounting firm. Phase 1 is evaluation, during which we examine your accounting practice to attain a solid understanding of your strategic goals and your firm’s workflows. Phase 2 is valuation, during this phase we will help you finalize the appropriate asking price based on your firm’s lines of business, specialties, and retention rates. Phase 3 is the merger phase, once there is an agreement in place we will coordinate the transition of staff, clients, and post-closing responsibilities for both the buyer and seller.
If you would like to sell or merge your accounting firmwe would like to hear from you. We aim to be partners you can trust to uphold your quality of service. Fill out the form below so you can connect with us to discuss your options.