FAQ

Q. Why use ASAP PRACTICE BROKERS?

Our dedicated specialist brokers, being qualified Accountants with a track record of proven sales will provide you with individual attention from the start of the sales process through to the end.

A. We market your practice nationally and expose it to every possible buyer.

B. We have highly qualified pre-registered buyers.

C. We assist in every step of the way from helping to set an asking price for your business practice, negotiate with buyers and obtaining financing.

Q. What are the main steps in the business sale?

Our role as a business intermediary involves these main steps:

  • Evaluate the business
  • Prepare detailed information memorandum
  • Qualify all potential buyers
  • Design and implement specific targeted
  • marketing campaign
  • Attend inspections
  • Negotiate with buyers
  • Ensure the parties receive appropriate
  • legal and financial advice
  • Prepare contracts
  • Ensure that special conditions are met
  • Conclude the transaction

Q. Who bears the risk of client retention?

The risk of client loss in the sale of an accounting practice, or the sale of Client Fees, has been historically borne by the Seller and covered by the use of a retention clause. This is normally agreed upon between the buyer and seller at the negotiation phase. The terms of the retention clause would be covered by a special condition included in a business contract. The retention amount agreed upon is held in a Trust account for an agreed term after the completion date of sale. At the end of the retention period, there is normally a pro-rata adjustment made to the retention amount, depending on the terms of the contract sale.

Q. I plan to sell on my own. What are practices selling for in my area?

Do you want to know what you could sell your practice for or what we can sell your practice for? We believe you will likely net more by letting us do the work. It has been demonstrated that a competitive bidding environment almost always increases prices

Q. How do you find buyers? Where do you market my practice?

ASAP PRACTICE BROKERS advertises in most national CPA, CA, IPA accounting and tax media. We advertise in state and local society journals and websites. In addition we specifically market your practice by direct mail and telemarketing. The key to getting the best price and terms is to bring as many buyers as possible to the table.

Q. How do you plan to market my practice while maintaining confidentiality?

ASAP PRACTICE BROKERS is very conscious of your needs with regard to confidentiality. In general we market your practice in a way that maintains you’re confidentially and will protect your identity until a buyer is found who is both qualified to purchase your practice and has a desire to do so. We will consult with you regarding special needs in the area of confidentiality and structure a program that meets these needs.

Q. How can I make sure that my clients and employees will be taken care of?

Finding the right buyer is not just a matter of finding someone willing to meet your price and terms. We understand the need for finding buyers who have sufficient experience and demeanor to treat your clients and employees as you would. The best way to insure you find a buyer you are comfortable with is to bring a multiple of qualified buyers to the table.

Q. How long does it typically take to find a buyer and close?

Preparation is the key to a successful start to the sales process. If we have set the correct selling price, and have the essential business financial information ready, we think in terms of three months although it varies depending on time of year. Our goal is to introduce you to several qualified buyers within a couple of weeks of beginning the process. In many cases, because we already have thousands of buyers registered, we can introduce you immediately to persons interested in your practice.

 

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