Ten Pitfalls to Avoid When Selling Your Practice

    1. Selling with a contingency. Our buyers often pay full price with no contingencies or future adjustments. Having sold thousands of practices, our buyers recognize that they have primary control over client retention; Accounting Practice Sales (APS) approaches every sale with that in mind. Therefore, the seller generally should not bear this risk. As a seller, you cannot afford to have your retirement rest on what someone else does or does not do two or three years down the line. Man desk stressed


    1. Selling too cheaply. APS will sell your practice at Fair Market Value. In most situations, this is often more than what the seller believed the practice was worth. Practice owners who attempt to sell on their own often end up selling for a discount and under inferior terms. Our in-depth understanding of the market and access to the largest pool of buyers provides you the best method for finding the right successor at the best price and terms.


    1. Carrying the note when unnecessary. Seller financing is not your only option. We have long standing relationships with various financing sources. They understand this particular market niche and welcome the opportunity to work with our buyers. In many cases, you may be able to receive 100% cash at closing!


    1. Wasting time with unqualified buyers. We work to screen buyers for their experience, ability to obtain financing and aptitude to successfully move your practice forward. Your time is valuable, don’t waste your time with buyers who are not serious or do not have the capability to take over your legacy.


    1. Breaching confidentiality. At APS, our relationship with you begins and ends with confidentiality. We understand the special concerns in this area. Accordingly, every prospective buyer is required to complete a Non-Disclosure Agreement before any confidential information is released to them. We have seen this overlooked many times with sellers attempting to sell on their own.


    1. Trying to sell to an employee or partner. This can appear to be an ideal scenario, but unfortunately, it rarely works; and when it does, it often works more in favor of the buyer than the seller. Even in a good situation, you are forced to adapt to the other person's timetable. Frequently, the buyer in these situations is resistant to taking on financing. These arrangements often lead to long payouts, discounted sales prices, and undesired contingencies.


    1. Working with an ordinary business broker rather than a specialist. Not all brokers are equal. APS brokers only work with accounting and tax practices. Our brokers have unmatched market segment specialization. Simply stated, we are the experts and leader in this market space. Having sold nearly $1 billion in practice values, no one else even comes close.


    1. Paying in advance for brokerage services. Unlike some other brokerage services, APS has no upfront fees. You pay us nothing until your deal is closed at a price and terms acceptable to you.


    1. Attempting to sell on your own. If you are an expert negotiator with a strong marketing background, a substantial buyer network and a lot of free time, selling on your own may make sense. In all other cases, working with APS will ensure your success. We’ll take care of the consulting, marketing, negotiating and everything else in the selling process so you don’t have to worry about it. You’re an expert at running your practice, we’re the experts at selling it!


  1. Waiting too long. You have invested a great deal of time and effort into building your practice. Don’t wait until you are burnt out to start thinking about your exit strategy. Developing a clear time line will benefit you. APS will provide you with a free and confidential consultation to assist you in developing a plan that works for your unique situation.

Testimonials

Sold In A Shorter Time Period
"My experience with Accounting Practice Sales brokers was excellent. We sold in a shorter time period than expected with a higher down payment. They kept us informed throughout the process and responded quickly to our questions and concerns"

Greg J. CPA, South Bend, IN