Whether a workable succession plan is in place at your firm or not, there is at least one common thread among most CPA firm owners: Your practice will be for sale at some point in the future.
After enduring the 30 or 40 years of sacrifice that were required to build a successful CPA practice, many CPAs would like to finally enjoy the fruits of their labor and engage in a sale or merger. The majority of CPAs who own an accounting practice cannot imagine life without the massive stress of the annual busy season, unfortunately, some CPAs encounter a breaking-point when they hear their doctor say “reduce your stress level or you will suffer the consequences of a heart attack or worse.”
Even when stress does not exacerbate a health issue, the rigors of client demands can regularly take a toll on a CPA’s personal life in the form of less time with friends and family – keeping the CPA away from activities he or she loves the most. Despite effectively managing the constant juggling of friends, family and career in your 30’s, 40’s, and even early 50’s, the addition of grandchildren or the burning desire to achieve the life-goals on your “bucket-list” will often tip the scale.
So let us assume for a moment you have just sold the CPA firm that you started and grew over the last thirty plus years. How would it feel to experience that long-awaited closing of the sale of your accounting practice – as well as the very first day of the next phase of your life?
The following insights were garnered over the course of conversations with hundreds of CPAs whose accounting practices my company has successfully promoted, negotiated, and sold.
Pinch Me! Is This Actually Happening?
CPAs are often at a loss for words to adequately describe their emotions at the moment they fully realize “I just sold my accounting practice.”