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So… You Wanna Buy an Accounting Firm?
There is a compelling argument to be made for buying an accounting firm right now, especially if you find the right opportunity.
For one, most accounting firm income recurs monthly/annually, most firm owners will retire between now and the next 5–10 years, and there is a pronounced supply/demand imbalance, favoring those who are open for business.
With those points in mind, you might be ready to whip out your checkbook and start making offers, but… not so fast. While many accounting firms are for sale, certain ones are sellable (see “hot mess”).
In my journey of buying 3 firms, I’ve learned a lot that I now use to grow our current practice and guide me in future acquisitions. Read on!
Staffing
When you buy an accounting firm, you aren’t buying much of anything physical, really. Typically, you’ll get an office with a few computers, monitors, and desks.
The price paid is justified by who is behind that equipment daily to keep the firm running- the staff.
When looking at the staff in a firm, there are a few points to consider:
