By Ed Mendlowitz
The CPA Trendlines Practice Doctor
QUESTION: We are contemplating selling our firm. It’s a difficult decision due to the financial rewards and the enjoyment we get from our work. I am 63 and my wife-partner is 62 and we are not in a hurry.
MORE PRACTICE DOCTOR Q&A: Why Gross Is the Method for Pricing a Practice | When a Client Balks at Necessary Work | Before You Even Think about Selling Your Practice | How Much Should You Pay To Buy, Sell or Merge an Accounting Practice? | When Is It Time to Merge?
We would like to sell to a CPA who would be very committed to this business and our clients, many of whom have been with us for over 20 years. How should we start?
ANSWER: I don’t think it is too difficult to sell accounting practices – there seem to be more buyers than sellers. I suggest not “advertising” that you want to sell, but start meeting with firms about two to three times (or more) larger than you are so they would be able to absorb your practice comfortably. The meetings now will give you a feel of who is interested and serious in your practice.