CPA, Tax and Accounting Practice for Sale – $530,000+ Southwestern Illinois

Overview
This well-established accounting and tax practice has served clients in Southern Illinois for over 70 years, having been founded in the 1950s. The current owner acquired controlling interest and operated the practice as a partnership in 1986, then purchased the remaining interest in 2010 and is now selling due to retirement.
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The Practice
• Total revenue (most recent year): approximately $547,000
• Gross billings year-to-date (through 8/16): approximately $468,000
• Projected total revenue for the current year: approximately $530,000
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Service Mix - The firm offers a well-rounded mix of individual and business tax preparation along with ongoing accounting and bookkeeping services: (A) Approximately 2,080 individual (1040) returns prepared annually, plus a smaller volume of corporate, partnership, and other business returns, (B) Monthly, quarterly, and annual write-up/bookkeeping services for roughly 70 accounting clients, (C) A good mix of 1040s with Schedule C and Schedule F clients, reflecting a strong small-business and farm/agricultural client base
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Client Base - Clients are within roughly a 45-mile radius in Southern Illinois, with some out-of-state clients as well (primarily Missouri, given the firm's proximity to the state border, along with some clients in California, Arizona, and Florida). The largest clients span industries including restaurant/bar, farm chemical sales, and construction — indicating a diversified client mix without over-concentration in any single niche.
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Staff & Operations - The firm is supported by an experienced team, including a CPA, an Enrolled Agent, and bookkeeping staff, most of whom plan to stay on through a transition. Total staff compensation runs approximately $283,000 annually. The practice uses Taxware Systems for tax, accounting, and billing/CRM.
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Business ID#: IL-2165

Reason For Sale:

Seller is of retirement age.

Training & Support:

Seller is willing to provide transitional assistance to the buyer to assist client retention. Staff are not aware of the sale and is believed they would transition to the new owner. Seller(s) will sign a long term non-compete for the client list.