Putting your business up for sale in Spartanburg, SC, is not as easy decision. As the demands on your firm change, it is important to have a defined sale plan that addresses key areas. It is not just about the books and clients. Your practice has been a large part of your life; think about what you can do now to prepare your business for a successful sale.
Is Your Accounting Business for Sale in Spartanburg, SC?
Business Conditions are Changing
Clients are demanding more services, regulations are becoming more complex, and employees have competing responsibilities. These can add up to increased pressure and higher work demands on you. Most CPA firm owners would rather spend their time on revenue-generating client work. If you project your practice will have increased demands, such as the ones listed, it may be time to plan a sale or merger.
You Need a Plan to Sell
When you started your practice, you likely had a business plan. Selling your CPA firm should be no different. Insufficient preparation can create unnecessary pressures and efforts. Creating a list of activities with annual milestones will give your business sale the attention it deserves. This plan could include employee training and delegation as you teach your staff to operate with a higher level of independence. Potential buyers could appreciate that.
Maintain clean books with detailed client history; even if you are not selling now, operate like you are. Your plan should also include a source list of potential buyers. Larger CPA firms look to acquire smaller ones. Current employees could also be potential buyers.
It is also a Personal Decision
Your decision will be emotionally-driven and business-related. You have developed relationships with your clients and employees. Don’t underestimate the value of your attachments to the business when making your decision. You have to feel comfortable with the timing and the decision. Some previous practice owners stay on part-time for a defined amount of time or act as paid advisors during the transition. This would allow you to stay involved and can make the change easier for clients and employees.
Set a Future Sale Date for Your Business in Spartanburg, SC
Your business may not be for sale yet, but when should you put it on the market? A planned and timed decision makes sense. If you plan a future sale date, you will have the proper time to prepare for your CPA business sale. This will bring you many advantages, including potentially maximizing your practice’s value, effective ownership transition, client record preparation, and peace of mind.
Smaller practices can sell in 6 months, while larger practices can take 12 months or longer. Having a projected sale date can help you set a date to put your CPA firm on the market. Having a five-year plan should be adequate as you look to the future.
Don’t Forget about the Physical Office
Prospective buyers will look at the financials of the business as well as your physical office. We are not suggesting a total office remodel, but maintaining a clean and organized office is important. It makes an impression. Your current investment in technology will also be a contributing factor to the value of your business. Consider what is or is not necessary as you forecast technology needs between now and your planned sale date.
Fusion CPA is a professional services firm based in Atlanta, GA. We are looking for a business for sale in other cities, including Spartanburg, SC. If you are planning a sale in the near or distant future, we would like to speak with you. We have strong industry experience and a proven process map for CPA firm sales and mergers.
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.