We have been inundated with many Partners asking Accounting Practices: when is the best or right time to sell?
As we know, a full calendar year is a long time! However, it can come and go in a heartbeat.
Everyone has their own views on when a Practice should sell!!!
You are probably thinking; you have just filed your GST’s I will wait, or maybe after the Christmas break, or when we have a staff member leave etc.
Accounting Practices has been selling Accounting Practices since 2005. I have been in the Public Practice market long enough to know that when we are approached by a potential vendor to sell, that is the time to put the practice on the market.
It is usually a gut feel from the vendors, from the outset, to sell. Selling your practice, unlike recruitment, takes time and there are more complexities involved in brokering your practice for sale.
It is always good to start the process early, so that your firm is well prepared to be presented in the best possible light.
There are many factors that are involved in selling a practice such as listing, sourcing the right fit, marketing, documents, financing if any, recourse, transition etc.
The market has never been more favourable, pricewise, for the vendor. We not only have the market knowledge in CA, but we have the experts that can assist you.
We also have experienced team members ( ex Big 4) who can assist you in valuations.
If you were to ask me: “when is the right time to sell?” I would say, there is no ‘right’ time - the time is NOW!