Ten Pitfalls to Avoid When Selling Your Practice

1. Selling with a contingency. Our buyers often pay full price with no contingencies and future adjustments. At Accounting Practice Sales, we work on the premise that the buyer has the primary control over client retention; 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 two or three years from now.
2. Selling too cheaply. We can sell your business for a fair price and, depending on location and other factors, it may be more than you thought. Practice owners who sell on their own often end up selling for a discount or under inferior terms and conditions. Our understanding of the market and our access to a much larger pool of buyers gives you the best chance of getting the right price.
3. Carrying the note when unnecessary. Seller financing is not always your only option. We have financing available so, if your practice qualifies, you may be able to receive 100% cash at closing.
4. Wasting time with unqualified buyers. We try to screen buyers for willingness to pay a fair price, ability to get financing and ability to make a success of your practice. Why waste your time with buyers who are not serious or do not have the capabilities to take over your legacy?
5. Breaching confidentiality. At Accounting Practice Sales our relationship with you begins and ends with confidentiality. We have bought and sold many firms like yours nationwide so we understand your special concerns in this area.
6. Trying to sell to an employee or partner. This seems to be the ideal scenario but, in reality, it rarely works well for the seller. Finding the right replacement or partner can be disappointing. Even in a good situation you are forced to adapt to the other person's timetable. These arrangements often lead to long payouts, discounted sales prices and unwanted contingencies.
7. Working with an ordinary business broker rather than a specialist. Accounting Practice Sales brokers only market accounting or tax practices. Other business brokers do not understand how the accounting profession works. They do not always share your concerns for your reputation, your clients and your employees like we do.
8. Paying in advance for brokerage services. Unlike some other brokerage services, you owe us nothing until the contract is signed and you have cash in hand.
9. Attempting to sell on your own. The biggest mistake you can make is to try to sell your practice without our help. We do the consulting, marketing, negotiating and everything else in the selling process. For you, this means freedom from worry and hassle.
10. Waiting too long. You have invested a great deal of time and effort into your business and it has paid off. Why not go ahead and pursue those other dreams while you still have the chance to enjoy them? Sell when you are on top of your game.