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Succession Planning: Important Aspects Of a Successful Accounting Practice Sale

  • Accountant
  • CPA (US)
  • CVA
  • CFA
  • EA
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CBA/MCBA
  • CFIRS
  • CWS

Published: August, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

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.

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.

Recommended For

  • This online CPE/PL webinar is recommended for CPAs, EAs, Tax practices, and Accounting firms engaged in or interested in guiding their clients for Succession Planning. 

Who Should Attend?

  • Accounting Firm
  • Bookkeeper
  • CEO
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Managing Director
  • Managing Partner
  • Tax Practitioners
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Gift And Estate Planning for Certified Valuation Analyst (CVA)
  • 1 PL Credit of Estate Planning for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01242-22-S)
  • 1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 1 PL Credit of Estate Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1 CPE Credit of Gift And Estate Planning for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Todd Steinberg

, Thrive Financial Group

Todd offers more than 27 years of experience emphasizing succession planning and business development in the accounting and tax industry.

The scope of Todd’s experience includes developing new marketing strategies, integrating financial planning and payroll services into accounting practices, personally being involved as an intermediary in the sale of hundreds of accounting and tax firms nationwide.

Todd also speaks at regional and national conferences as an authority on succession planning and integrating financial planning into accounting practices. Todd is Series 7, 66, Life, Accident & Health Licensed. Todd enjoys staying active and is the proud father to three children – Sydney, Benjamin and Brooklyn.

About Company

Thrive Financial Group

www.thrivefinancialgrp.com/

Helping accountants buy and sell practices nationwide. 

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.6

102 Ratings

Excellent

63

Very Good

34

Average

5

Poor

0

Terrible

0

JH

James Hutzel, CPA (US)

Sep 8th, 2022

Insightful and thorough.

GH

Garrett Hoopes, CPA (US)

Aug 25th, 2022

N/A

BB

Bethany Bezanson, Others

Sep 28th, 2022

Review Question 2 had an error in the wording of the question.

ND

Nivedita Dewan, ACCA

Sep 19th, 2022

NA

CJ

Caleb Jennings, CPA (US)

Sep 7th, 2022

a

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