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 â 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.