Buying an accounting practice is often a complex process – but selling one is arguably even more difficult. You might be wanting to sell your accounting practice for various reasons. Maybe you’re retiring and moving away to a luxury island somewhere, or perhaps you’ve grown tired of the industry and want a new challenge? Whatever your situation is, it’s vital that you prepare accordingly if you want to experience a smooth selling process. Otherwise, you’re going to be stuck in the mud.
To help you with this, here is a list of important steps you must take.
Use an accounting practice intermediary firm
The first – and most important – step is to seek help from an accounting practice intermediary firm. By doing this, a significant amount of pressure will reduce on your end, allowing you to relax (and even enjoy) the selling process.
An intermediary firm will provide you with an accounting practice valuation. Then, they will help you to find suitable buying candidates, focusing heavily on your practice’s strengths and financial capabilities. In addition to this, the firm will also assist in negotiations and transitions, which will no doubt be music to your ears.
Promote your sale on social media pages and your website
Of course, you can still do some marketing work yourself when it comes to selling your practice. One of the best ways to get the message out there is by promoting your offer on social media pages as well as your website. Once you catch the eye of the right prospective buyer, it will feel like you’ve hit the jackpot.
Inform your staff and clients well in advance
Your staff and clients should all be informed about your plans well in advance. This is because it directly involves their livelihoods and finances, meaning they deserve time to prepare. It’s key that you assure your clients that the future owners will be up to standard and that they shouldn’t switch to a different practice. Remember, client retention is essential!
Highlight the future prospects of your practice
Buyers needs to be incentivized by your accounting practice. Therefore, in advertising content, you should highlight why your practice is an excellent prospect for the present and future. For example, you might have had a huge turnover over the past calendar year, or just recently hired some talented new staff.
Sell during your most profitable time of year
Ideally, you should aim to sell your practice during its most profitable time of year so that the new owners can get off to a positive start. For example, the best time of the year for accounting practices is usually the first quarter of the year.
Conclusion
Selling your accounting practice will be an exciting and (at times) stressful process. Don’t expect an instant sale, as it highly likely won’t happen. Usually, it takes at least a couple of months to find the right candidate, so remember to be patient. In the end, after following the steps mentioned above, it will all be worth it.