Description:
•Rapidly growing virtual bookkeeping practice (64%), payroll (10%) and training and setup(26%) with expected billings in 2020 of $364,175 •Since established in 2017, the client list and billings have grown every year •Due to significant start up costs there are tax losses carried forward of $200,000 hence the structure of this transaction will be a SHARE SALE with a potential tax savings of approximately $25,000 to the purchaser •Clients represent a broad mix of industries including construction, healthcare, consulting, professionals, holding companies, children's schools and programs (niche market), NFP/Charitable Organizations and technology/SAAS. •Computer software in use; Quickbooks Desktop, QBO, Xero, •Ideal buyer would be an existing virtual practice so buyer can take advantage of significant economies of scale. •It is to be noted that in mid 2020 the shareholders reviewed their business model and dramatically reduced their monthly expenses. As a result, based on their current level of monthly sales, their profit is approximately $8,000 per month after an owner salary of $75,000 pa