Plan for Selling an Accountancy Practice
If you are thinking of selling an Accountancy practice in the next three to five years, you need to make a perfect plan for selling an accountancy practice.
Have you paused to consider why you’re selling? Many sole practitioners love the day-to-day activities of their business. They enjoy working with clients who often become good friends. If you’re living for the work, selling might not be your best option – perhaps merging with a bigger firm would be a better choice.
You should also discuss your plans with your family. It’s important to align retirement and life goals. Consider what life will look like after you sell.
Determine your exit timeframe
Set the desired sale date. It will help put the plan in motion and give you a deadline to work towards. Your timeline might be affected by affordability. Can you comfortably retire on your savings, topped up with your likely sale proceeds? If not, how do you intend to bridge the gap? And how many more years of work will that take?