GROWING, SELLING, BUYING & MERGING CPA PRACTICES
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Compatibility & Risks For CPA Firms
Compatibility & Risk
It is like finding a mate on eHarmony.com, many factors have to be disclosed, analyzed, and studied before a “match” can even be considered when buying or selling an accounting practice. But what creates the “real synergy” in this relationship is the realization of long-term goals and objectives. And let’s not forget the all too important “personalities” involved. Buyers and sellers ‘liking each other’ can be an overwhelming impetus to put a “deal” together, but it is not enough. The purpose of this step in the process to ensure that decisions are being made based the compatibility of personalities, practices, and defined expectations. And to ensure that neither party agrees to something that they cannot live with. If any issues are derailed, or glossed over, during negotiations, a long-term successful transaction will not ensue. A neutral third party, like Strategic Alliance Advisors is often recommended for this very reason; to ensure that negotiations, contracts and the transition stay on target.
- Corporate Culture; similar work ethic, human resource policies, management style, tax strategies, and quality control
- Financial Performance; similar billing rates, realization and profitability
- Human Resources; similar compensation, productivity, expertise, credentials, client interaction, etc.
- Partner Compatibility – Personalities, strengths, weaknesses, and what each brings to the table
- Business Opportunities – Specific growth strategies; what, where, when and how
- ‘Real Synergy’ a similar realization of long-term objectives and goals
Determining these important variables can be achieved by the following procedure.
- Signing a Confidentiality Agreement (Chapter 5 of our Book)
- Completing a Buyer Profile (Chapter 5 of our Book)
- Buyers providing Financial Statements and Credit Reports
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