Buying or Selling an Accounting Firm? Get the Framework First
More firms will change hands in the next decade than at any other point in this industry’s history. But most small firms are still working from a process built for large firms — one with 10 to 12 steps that are designed to be handled by legal teams and brokers.
A small firm doesn’t have that team, so those same steps get rushed or missed. That’s when things go wrong: undervalued exits, unfriendly earn-outs, clients who leave during the transition, and staff who find out about the sale or purchase too late. Knowing what to do — whether you’re a buyer or a seller — before the deal starts can help you avoid those pitfalls.
This guide walks through a five-step framework: Understand, Assess, Prepare, Document, and Execute. Each step is something you can work through before a single conversation with a buyer or seller happens — that’s the point, the outcome gets decided long before the negotiation. The guide also includes a checklist you can use as a working document, to make sure you’ve set yourself up for success.