What should I expect if I want to sell my accounting/tax firm quickly, in terms of process and deal terms?
One member shared their experience selling a fully virtual small accounting and tax firm about a year and a half ago. After posting on 'tax Twitter' asking if anyone wanted to buy the firm, they received 141 real (non-spammy) offers, including from well-known names in the tax Twitter community. They created a simple fact sheet describing the client makeup and firm structure so a buyer could take over the brand, clients, and employees. The deal ended up being 1.5x gross revenue, 100% upfront with no contingencies based on client retention, plus the ability to invoice $200/hour for a limited period of post-sale consulting (not direct client contact) with no ongoing responsibility after that period ended. They had a lawyer review the contract and chose a buyer they felt clients would see as a natural, low-disruption transition. They noted a large tax bill resulted from the sale, which they partially offset by selling a property at a loss. They emphasized that even posting such an offer publicly doesn't commit you to selling, and that there is currently strong buyer demand for firms, even ones without anything particularly unique about them, partly because being fully virtual makes a firm more attractive to buyers.
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