Succession Planning: Important Aspects Of a Successful Accounting Practice Sale

Learning Objectives

• To identify factors and characteristics that could make your practice more desirable to a buyer.
• To identify common mistakes and deal structures that lead to undesirable outcomes after the sale.
• To determine when a business should be sold and how to transition from one owner to another effectively.

Course Description

Many accounting firms are offering estate planning or wealth management services, but ironically, a lot of CPAs aren’t necessarily ready for their retirement.

One in every four CPA firms currently faces challenges related to succession planning, according to a recent survey. Eight in 10 expect succession planning to be a significant issue for their firms over the next decade, said the survey.

With the same survey finding that only 44 percent of CPA firms have a succession plan in place, it’s clear many accountants have more work to do as it relates to planning for and funding their retirements and those of their partners. Among firms that already have a succession plan as well as firms that lack one, a common expectation is that they will be able to sell the firm. Nearly half of the survey participants pointed to merging with another firm as their first choice of an exit strategy. Solo practitioners, especially, are anticipating that a buyout or merger will play a role.

What are firms doing to make themselves more attractive in the event they decide to seek a buyer?

In this online CPE Finance webinar, we’ll look at specific ways to make your practice more attractive to potential buyers and increase your business’s worth.

The topics we’ll cover include optimizing your client base, client relationships, and mix of services; avoiding common mistakes when selling your practice; and pinpointing the ideal time and circumstances to market your business.

Overview

• Determining value of an accounting practice

  7 mins
• Key factors in determining practice value

  12 mins
• Various negative factors

  23 mins
• Other considerations

  28 mins
• Key documents for Succession Planning

  34 mins
• Advantages of buying practices

  43 mins
• Considerations when selling your practice

  46 mins
• Common questions

  50 mins