New Website Links Sellers/Buyers of Accounting Firms
By Christina Camara
An online marketplace for accounting practices, launched June 28, offers sellers a place to expose their firm to a national audience and for buyers to search for new opportunities.
Accounting Practice Exchange contends that it offers more than a list of sales and that it is not a business broker. "We aim to provide a platform to the accounting practice sales market that is of benefit to both 'for sale by owner' practices as well as business brokers that operate within this specialist area," says Founder and CEO, Daniel Crowley, CGMA, in a statement. "Think of us as the equivalent of a bizbuysell.com, but one that only services a niche market ‒ the sale of accounting, CPA, and tax practices."
To help kick off the new site, Accounting Practice Exchange is offering classified sales listings at no cost until midnight Friday, July 6. All ads will remain online for a full year.
For accounting firm owners who want to sell the practice on their own, many use state CPA Society websites or journals to advertise, but Crowley considers these approaches to be fragmented and disjointed. Through the site, buyers can search a nationwide listing, do-it-yourself owners can advertise their firm, and business brokers can advertise their services. The site also offers articles and other information on the sales process, such as "Key Questions to Ask in Selecting a Broker," and "Preparing Your Practice for Sale."
Crowley estimates that 1,000 practices are sold every year, half with the help of a broker. "Using a specialist broker is the norm in the sale of businesses in this industry, and with brokerage fees averaging between 10 to 15 percent of the final sales price, this can have a major impact on the final profit figures if you have a business to sell," said Crowley.
Advertising rates start at $99.
- Management Essentials: Five Merger Tips to Help You Seal the Deal
- Is It Possible to Buy Part of an Accounting Practice?
- What Will a Bad Economy Mean for a CPA Firm M&A?
Voice of the Editor
What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
This Week on AccountingWEB
CPAs Mira Finé, Scott Hitchcock, Rob Keasal, Kathy Scorcio, and Ken Travis offer ten pieces of financial advice for the newest Powerball winner.
Hang Bower of BDO USA and Dan Black of Ernst & Young share their perspectives on why their firms made the Best Places to Work for Recent Grads 2013 list.
Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.