By Ed Mendlowitz
Author of “Implementing Fee Increases”
QUESTION: A widow called me to ask if I wanted to buy her husband’s practice. He died suddenly a month ago. What should I offer and how should I handle this?
RESPONSE: It is always hard to buy a practice from a widow or estate when the accountant did not make arrangements.
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The expectations of the seller are usually greater than reality, and the buyer is getting something that already has declined in value, with clients leaving as they hear of the death, and the information about client servicing is likely not too organized, if it exists at all. This also applies to a sudden complete disability. This should be a “lesson” to get your own affairs in order.
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