november2021 - 8

FEATURE
How to Find
the Right
Buyer for an
Accounting
Firm
By Joe Carufe
AS YOUR TAX and accounting firm's leader,
you know what's best for your business,
but when it comes time to sell your firm
to another practice, how do you find the
firm that makes the most sense?
Selling your firm isn't an easy
process. You put in dedicated time,
money, and emotion into building
your business, so selling it can be a
difficult decision. That's why you need
to be confident with your buyer. You
want your hard work, staff, and clients
to be in good hands.
Over my years in the accounting
profession, I've spoken with owners
on both sides - key stakeholders going
through the sale of their firm and
those preparing to acquire another
firm. From this experience, here are
the four core tenants to explore to
ensure you find the right buyers.
1
FIND THE RIGHT
CULTURE FIT
It's important that you find
a firm that shares your own
values, so spend some time understanding
the other firm's culture. Are
they going to mix well with yours, or
will it be like oil and water?
If it's the latter, the acquisition
process may be difficult from the
start. Your team members need to be
excited about their future, so finding
a firm that shares the same values,
mission, and goals is critical in ensuring
a smooth transition for both sides.
2
UNDERSTAND
WHERE YOUR TEAM
FITS AND SAFEGUARD
THE TEAM
I've seen and heard more than a
few practices sell into larger firms,
and while the ownership team was
able to successfully exit, it was done
with remorse for what happened
to the remaining members of the
team.
Originally, the ownership team
had hopes and dreams for their
team members, but ultimately, the
buying firm didn't share the same
feelings - and you can't blame them.
After all, the buying firm won't
know your team members' dreams
and aspirations if you don't share
these with the buying firm.
On the other hand, if you are
with a firm acquiring another firm,
make sure you understand what
your new team members are hoping
for, and make sure that aligns with
your future. If not, you risk attrition.
Whether you're the buyer or
8 NOVEMBER 2021 ■ www.CPAPracticeAdvisor.com
seller, find out what value the
acquisition will bring to your team
members. You'll get peace of mind
heading into the acquisition, and
secure your team's enthusiasm
and engagement around the whole
process.
Next, understand where your
people fit - not just today, but
deep into the future. Do you see
upward mobility as a result of the
acquisition, or are there going to be
certain divisions that will no longer
be necessary? For example, if the
buying firm already has a director of
operations, where will your director
of operations be deployed? What
does the future look like for each
of your team members?
Doing this research takes
work, but it all goes back to doing
right by your people, and from my
experience, buying companies are
looking for people to hire because
the market
is challenging right
now. Hiring and training is difficult,
which means that strong teams who
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november2021

Table of Contents for the Digital Edition of november2021

From the Editor: CPE for Free at Ensuring Success
Quick Networking Tips Your Can Implement Today
Technology: A Critical Driver of M&A Synergy
How to Better Manage and Track Your CPE Credits
How to Find the Right Buyer for an Accounting Firm
Modernizing Outdated Areas of Your Accounting Firm
Marketing Your Firm: How to Create a Press Kit if Your Firm Acquires or Merges into Another
From the Trenches: Continuous Education to Meet Technology Changes
The ProAdvisor Spotlight: Productivity Innovations Announced at QuickBooks Connect 2021
The Leadership Advisor: Self-Care for Busy Accountants
The Labor Law Advisor: The Pandemic: Unforseen Events and Unforced Errors
The Millennial Advisor: Every Action Matters
The Staffing & HR Advisor: Staying Ahead of the Curve: What's New in Accounting for 2022?
Apps We Love: Lifestyle Apps
Trust & Empowerment: Two Keys to Emerging Unscathed from the Great Resignation
AICPA News: A round up of recent association news and events
Bridging the Gap: 5 Growth Trends for 2022
november2021 - 1
november2021 - 2
november2021 - 3
november2021 - From the Editor: CPE for Free at Ensuring Success
november2021 - Quick Networking Tips Your Can Implement Today
november2021 - Technology: A Critical Driver of M&A Synergy
november2021 - How to Better Manage and Track Your CPE Credits
november2021 - How to Find the Right Buyer for an Accounting Firm
november2021 - 9
november2021 - Modernizing Outdated Areas of Your Accounting Firm
november2021 - Marketing Your Firm: How to Create a Press Kit if Your Firm Acquires or Merges into Another
november2021 - From the Trenches: Continuous Education to Meet Technology Changes
november2021 - 13
november2021 - The ProAdvisor Spotlight: Productivity Innovations Announced at QuickBooks Connect 2021
november2021 - The Leadership Advisor: Self-Care for Busy Accountants
november2021 - The Labor Law Advisor: The Pandemic: Unforseen Events and Unforced Errors
november2021 - The Millennial Advisor: Every Action Matters
november2021 - The Staffing & HR Advisor: Staying Ahead of the Curve: What's New in Accounting for 2022?
november2021 - Apps We Love: Lifestyle Apps
november2021 - Trust & Empowerment: Two Keys to Emerging Unscathed from the Great Resignation
november2021 - 21
november2021 - AICPA News: A round up of recent association news and events
november2021 - Bridging the Gap: 5 Growth Trends for 2022
november2021 - 24
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https://www.nxtbook.com/endeavor/cpapracticeadvisor/june2022
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https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/november2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2021
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2021
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https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_November_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_July_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_June_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/may2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_April_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/CPA_Practice_Advisor_March_2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/february2020
https://www.nxtbook.com/endeavor/cpapracticeadvisor/december2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/november2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/october2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/september2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/august2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/july2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/june2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/may2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/april2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/march2019
https://www.nxtbook.com/endeavor/cpapracticeadvisor/february2019
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