Easy as it may be read, the intricacy of selling a bookkeeping practice must be taken into account, considering the processes and decision-making involved in it. You have to make sure that it is a win-win situation for you, your existing clients, and the firm you are negotiating with.
Here are some of things you need to attend to when selling your bookkeeping practice to ensure a smooth transition of ownership:
- Assess your Practice. Do you have a small or wide client-base? How well is your bookkeeping practice performing its operations? Does it generate a fair revenue and profit? You have to evaluate its strengths and weaknesses, business valuation, and the overall standing of your practice. With your awareness of these matters, you’ll determine how to present it to the market, agree with a reasonable negotiation, and be able to close a deal eventually.
- Prepare the Necessary Documents. Keep all relevant files in check, from financial statements to legal documents such as your tax papers, client contracts, and agreements. Also sure to provide clean and comprehensive copies. We definitely want to appear confident and transparent, and do not want to be flagged as fraud by the potential buyers.
- Find Prospective Buyers. In order to find your prospective buyers, you have to seek out opportunities. You may opt to engage in networking within the right community, connect with business people, or advertise through industry-specific channels. You may also leverage the use of online platforms to let them know about your bookkeeping practice. However, make sure to learn about them too through doing a background check, and use formal non-disclosure agreements while discussing the sales to keep the confidentiality of sensitive information about your clients and business’s arrangements.
- Negotiate. After identifying the buyer, come up with and finalize the negotiation terms. Discuss about the price, the transition period, and all relevant matters that will be affected by the deal such as the employee and client retention. Cooperate with them whenever they are requesting for your practice’s information or expressing their concerns as well. Be transparent about how you think about the terms, and always be prepared to compromise while making sure that both parties are diplomatically settled.
- Handing over the Business. The responsibilities are not yet over after being able to successfully hand over the business to another firm. While in the transition to their ownership, work closely with them as they might still need your assistance and support during the process. Maintain an open communication in case there are questions or issues to address and consultations needed.
Selling your bookkeeping practice doesn’t mean the end, but rather a remarkable milestone in your business journey. It might also be a great indicator to start another exciting venture. Beppo will always be with you throughout your business’ stages of growth.
Consult with our team of bookkeeping and tax professionals today at https://bit.ly/bookacall-beppo.