The glory days of running an accounting firm seem to be at an end. An eye on retirement or, perhaps, changes in the industry impact decisions. Now might be the best time for selling an accounting firm in Sandy Springs, Georgia. Maybe working a deal for a merger would provide a similar, beneficial outcome.
Ultimately, those in charge of the Sandy Springs firm need to weigh their options. Is now the right time to sell? Are there mitigating factors that make selling the best move to make? Carefully looking over the situation increases the chances all parties involved take the right course.
The Process Involves a Transition Period
Selling an accounting firm comes with complexities not found in other businesses. Selling a restaurant doesn't usually require much interaction with customers. Current clients, however, do rely on an accounting firm for many essential duties. Informing the clients about any impending sale or merger becomes necessary. So does working to serve the clients during the transition period best. The clients will make determinations about staying with the firm or not. No matter what the clients wish to do, the current firm management must continue to provide all promised and obligated professional services.
Planning the Sale
Effective and efficient transition planning should be taken seriously as making a snap decision to sell the firm, and moving too quickly could create many problems. Take that as a reason why it helps to work with another firm to facilitate the sale. Fusion CPA offers accounting firm merger services. Someone wishing to sell an accounting firm could allow his/her firm to fall under the Fusion banner after a merger. Such an option is well worth considering.
Avoid Ignoring the Signs It May Be Wise to Sell
Even with all the planning and assistance available, not everyone may be sure that selling the firm is the right move. People do become attached to the businesses they build. Someone who worked as a CPA for many years may feel uneasy about retiring or working for someone else. All these feelings are understandable. That said, when running the firm brings with it too many problems, selling might be advisable.
Working an excessive amount of hours each week can take its toll. At some point, the top management at an accounting firm yearns for "normal" hours and reduced responsibilities. Owners, however, cannot merely leave the firm. They have many other responsibilities to address. Again, it becomes crucial to make plans in advance. Otherwise, further delays could exist when hoping to reduce obligations. Some may choose to accept working long hours as their lot in life. Doing so could be unwise, as excessive burnout looms.
Handling client-related duties aren't the only responsibility resting on the firm's management. The firm might be home to a sizeable staff of employees. At times, the stress of dealing with employee turnover and other issues can weigh down on managers. Such things do take enjoyment and profitability out of running a firm. Maybe it is time for someone else to run things.
Getting the Right Price on the Firm
Upon deciding that selling or merging the firm is the best strategy to follow, it becomes necessary to determine the firm's value. After all, it makes sense to get the best financial deal possible when exiting the industry. Valuing the company requires performing many deliberate steps. Working with an accounting firm that specializes in mergers and acquisitions can help streamline this process.
Now might be the right time to decide about selling an accounting firm in Sandy Springs, GA. Start the process of making a significant change today. Click the link below to schedule a no-cost or obligation exploratory call with our experienced merger and acquisition team today!
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.