When is the right time to buy an Accounting Firm?

Posted by Ey3 Staff on April 16, 2013

After working for others and gaining experience, training and making the right contacts, when do you know it’s the right time to purchase an Accountancy Practice?

Michael Pittam, from ASAP Practice Brokers has some top tips for CA’s, CPA’s and IPA’s for the best advice to follow:

 

  • Don’t rush in too quickly by buying the first practice you see, take your time to learn and understand the current market conditions and trends
  • Understand the valuation process – an experienced practice broker can explain this complex reference in more detail
  • You need to have a clear objective and timeline plan
  • Be aware of any of the hidden costs incurred in buying an Accounting Firm

 

To understand and evaluate a practice, an expert in this field needs to perform extensive research to recognise the business as a whole, as well as breaking it down in terms of the industry, the client base, the competition, and most importantly what similar businesses have been purchased for.

Experience is the key, and by letting ASAP work for YOU it can take the stress and strains out of the intricate process of buying a business. Leaving you ready to hit the ground running with your newly acquired practice!

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