CPA Firm for Sale – Fairfield County, CT – $775,000 Revenue

Overview
ABA Advisors represents this CPA firm located in eastern Fairfield County, CT. This is a one owner firm where the owner is willing to continue working for six months to possibly three years following closing. This continuity should aid a smooth transition and client retention. The buyer or senior staff member must be a CPA and able to be onsite full-time.
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The Firm
Founded over 47 years ago, this long history reflects a strong continuity of ownership and the owner’s extensive knowledge of the practice, its clients, and the community it serves. The client base consists of small, closely held businesses and individual clients mostly located in Fairfield and New Haven Counties. There are some clients located outside of the area mainly due to relocation or retirement. 80% of the clients submit their information by mail or email, and the practice does not prepare tax returns while clients wait. The average 1040 fee is $486, and the average corporate returns are $2,850 to $2,890. There are four compilation clients with an average fee of $6,500. The client base is well diversified across age demographics, and clients sign engagement letters. One client represents 11% of the gross revenue.
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Business ID#: CT-2164

Reason For Sale:

Seller is of retirement age. Seller(s) will sign a long term non-compete for the client list.

Training & Support:

Seller is willing to provide transitional assistance to the buyer to ensure successful retention and is also open to working post-closing from 6 months to possibly three years. Work hours and compensation negotiable. Staff are aware the owner is considering a sale of the firm. Seller knows staff CPA
will retire. Administrative Assistant is looking for a job in a different career field.