You may be considering selling or merging your accounting firm in Johns Creek, Georgia. Let's look at some sale and merger benefits to consider. Maybe now is the right time to sell.
Building your firm takes tremendous effort. Establishing the firm and amassing an impressive clientele set the stage for even more hard work. The firm's owners must run all day-to-day operations for, well, years and years. At some point, however, professional goals change. Executives find the schedule difficult, or they may be near retirement. Market factors also vary.
Sales and Mergers Benefits
Selling the firm divests the owners of their responsibilities. Best of all, merger benefits include receiving a fair price for their Johns Creek, Georgia firm. Anyone interested in selling an accounting firm should be open-minded about this option, as well. Merging with Fusion CPA would bring the original firm under a new umbrella of accounting entities. Fusion CPA's team assists with the transition for those firms committed to a sale.
Is now the right time for selling? Multiple factors contribute to the answer here.
A Non-Stop Work Schedule
Accounting firms often remain busy throughout the year. People outside the industry might think tax time is when CPAs find their schedules booked. True, tax season brings heavier work weeks. However, the rest of the year isn't necessarily slow.
After spending decades working long hours, perhaps the owners wish to cut back on their schedule. The trouble here is those in charge of the firm can't walk away from specific responsibilities so leaving your company in capable hands is another sale or merger benefit.
Selling the firm does open doors to other career opportunities like walking into a well-paying job or starting a smaller, at-home business to capitalize on your passions.
Dealing with Employee Issues
An accounting firm often rises to prominence thanks to the hard work of its employees. The employees, while loyal, may leave for one reason or another. Retirements, relocations, career changes, and more lead exceptional employees to move on. The accounting firm must then deal with all the issues related to replacing someone.
Hiring new employees comes with many costs. Besides investing time, money, and effort into locating the right person for the job, a firm deals with downtime and productivity losses due to the "missing" employee. When employee turnover becomes a problem, the firm's owner may look for a way out.
The Financial Landscape can be Challenging
Numerous factors can drive down an accounting firm's revenues. A rise in competition, a decline in the local economy, and even seasonal weather factors can leave a fiscal mark. If the firm's annual revenues aren't what they were before, then the time might be right to sell. Perhaps through a merger, the new owners could improve the firm's financial situation.
No matter what type of business someone runs, the venture must be financially worth the person's efforts. If not, then making a change makes sense.
Planning an Exit Strategy
Those exiting the accounting industry can benefit from careful planning. An owner could think about spending two or three more years running the firm and then selling. By giving him/herself a decent amount of time to exit, a smoother transition becomes possible. The seller might even garner a better price by engaging in better planning.
Someone who "abruptly" wishes to sell can still work out an effective merger agreement. Things might move faster with less transitional planning, but impossible hurdles aren't likely.
Those unsure about selling or merging right away should start thinking about what to do in the near future. Perhaps discussing matters with a representative from Fusion CPA is advisable. Right now can be the best time to start planning an eventual exit.
Take steps to make a move today and launch a new path in life. Click on the button below to talk to one of our experts. Find out more about the acquisition or merger benefits we can offer your accounting firm in John's Creek. We can offer advice to firms throughout the whole of Georgia.
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.