Selling your practice immediately or over the next several years
An Accounting Transition Advisor starts the process with you by reviewing your goals, walking you through the many different methods of attaining your succession goals, helping you ascertain your readiness to start the process, and assisting in identifying appropriate criteria for your successor. We will provide you a determination of the market value of your firm and help you identify deal structure alternatives. If you are 1 to 7 years away from seeking to reduce your role but recognize the need to start the transition process sooner, we have several ways to address your situation (see our special report on Two Stage Deals (click to link)). A Two Stage Deal enables you to remain in control of your practice, income, and time dedication until the time you elect to reduce your role.
Our firm then uses one of two methods of addressing your needs.
FREE, Confidential, No Obligation transition program:
If you are seeking either an immediate sale or a gradual phase out, for practitioners in most areas of the country, we offer our highly regarded FREE seller program. This method of utilizing our professional services offers many features and benefits:- You pay us no fees regardless of the type of affiliation or transaction you enter into for the purpose of short term or long term succession-our fees are paid by the firm you affiliate with
- Your identity is NEVER given to any firm you do not pre-approve
- Unlike a broker or listing service, we require no exclusivity. We do our job professionally and effectively. We do not feel the need to bind our firms and practitioners considering an exit strategy to us contractually. In addition, you may be unsure of what you desire to do and when. This feature enables you to explore the marketplace without being placed in the position wherein you are committed to having to sell your practice.
- We deal only with financially and professionally well screened, and the most committed firms in the marketplace as your potential successor. Many have previous merger and acquisition experience
- Our fee, which is paid by the successor firm, is a fixed fee not tied into your proceeds. Also, none of our staff or owners is currently practicing public accounting practice. Therefore, we operate with no conflict of interest and our only focus is creating a deal where everyone wins-You, the Successor Firm, your Clients and Staff.
Once we have reviewed with you the value of your firm, alternative deal structures available, and the ideal type of successor firm, we prepare a Practice Summary that represents your opportunity without identifying your firm. It includes specifically the terms you seek for your succession and the information a potential successor firm needs to make a decision to pursue the opportunity further.
After you have approved the confidential Practice Summary, we forward your information to our pre-screened potential successor firms that meet your criteria. Those who respond favorably still do not receive your name until you approve that disclosure. We provide you detailed information regarding those firms including the name of firm, volume, location, specialties, ages of the Principals, and other information necessary for you to decide with whom you want to meet. The only firms that ever find out your identity are the practices you approve of in advance.
We establish a mutually convenient time for an introductory meeting of the parties. We then follow up and consult on every aspect of the deal as it progresses. This includes but is not limited to collecting proposals, planning due diligence, document preparation and transition planning. Our company's philosophy is not to tell you what to do, but to empower you with information on the various ways to handle and structure all the aspects of your deal so you can make decisions of what to do with more information and options than you realized existed.
Specialized transition needs:
We can also assist you if you have already identified a firm as a potential successor and require expert advice or if you are located in one of the few areas of the country we do not have a stable of successor firms. This method can include any or all of the following consulting services:- Valuations
- Negotiation assistance
- Developing alternative deal structures to empower you to choose the best fit for you, your clients, and your staff
- Identifying the criteria for the "right" successor, performing a confidential special search for a successor firm, and arranging introductions
- Documentation: Non-disclosure Agreements, Letters of Intent, Purchase or Merger Agreements, Employment Agreements, and more
- Due diligence
- Developing strategies relating to client and staff retention
- Arbitration
Go to Sellers on the Services page for a complete list of services and deliverables.
Our partners have handled in excess of 700 successful closings and bring a significant value added to the equation. They understand this is the last and most important decision you make regarding your practice. They recognize this is a decision with many facets: financial, professional, and emotional; involving clients, staff and money. Accounting Transition Advisors is there to guide you every step of the way without cost to you, with no obligations, no exclusivity and always in total confidence.
We can provide our services through Onsite Retreats and Workshops as well as one-on-one coaching and consulting. Contact us for a free, initial consultation. We also offer a FREE REPORT on this subject with optional periodic e-mail follow-up that include news reports and or relevant articles that can be forwarded to you with no obligation. Go to Contact Us page and request this in the comment section. For additional information, click the following links to articles our partners have written on the subject of finding a successor for your practice.
Succession Planning for Smaller Accounting Firms: (A 2004 article on succession planning and valuing an accounting practice.)
Selling An Accounting Practice: (A 1996 article that provides an overview of aspects to consider when selling a firm.)
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