You may not know this but it usually takes 4-6 months to find the right buyer for your accounting firm – if you’re looking to sell it.
That means if you started today (end of July or early August) you’d probably be closing no earlier than November (around Thanksgiving), maybe in December (b4 the holidays), or in early January just before tax season heats up.
Now if you’re thinking, ‘I really don’t want to go through another tax season‘, then it is a really good idea to start the process asap of listing your firm. As they say – timing is everything. Here’s another reason to get started today.
Unfortunately most firm buyers don’t have enough of their own cash available to buy a practice. So they will use a conventional loan or likely SBA financing in order come up with a down payment for buying your firm. To that end the SBA announced almost a year ago on 10/1/2022 it had lowered guaranty fees on certain loan sizes and those lower fees will likely expire at the end of this September 2023. This makes it more attractive for a buyer in your area to see a firm like yours here towards the end of the summer, and acquire it before these discounts go away in a little over 2 months.
And to jump start the marketing process for your firm, we send out monthly newsletter emails with a current list of our accounting / CPA practices to find potential buyers for you. This is just 1 of 5 different ways – along with (2) targeted direct mail, (3) local emails, (4) telemarketing and (5) national online advertising – we use to attract new and existing firm buyers.
If you’re a ‘process’ person, you can click on the link below for a 16-minute YouTube video that outlines our 5-Step Process for Finding The Right Buyer For Your Firm:
http://www.acctsales.net/5step.html
If you’d like to get an idea of what your firm might list or sell for, book a short and confidential call with me here:
https://abaadv.pipedrive.com/scheduler/kOGlx3iw/thinking-of-selling
Remember if you do not want to go through another tax season and are interested in learning:
– how deals are structured?
– about the current market conditions?
– what the lending environment is right now?
– what your firm might sell for?
or if you just want to start the process of selling your firm, feel free to reply to this email, call me at 317-674-3335, or visit our website at: https://acctsales.com/sell-a-practice/
Jeff Bell – Managing Director – ABA Advisors
Copyright: ABA Advisors, LLC