Individuals who plan to purchase an accounting business will be faced with many important decisions, including where the location should be, how much money they can invest and whether to go with a major franchise or an independent facility. Before a final location is chosen, a potential business owner should find out if there is competition close by. A new accounting business may not succeed if it is too close to an established competitor.

Those who wish to sell an accounting business can find help online. They can offer their businesses on websites that specialize in businesses for sale.

After you decide to buy an accounting business, you will have to put in a lot of time, money and effort. This makes it essential to be certain that the business opportunity you are considering is right for you. There are several factors that should be considered, including:

1. How many expenses you will have, such as purchasing fees, marketing costs, royalties and inventory;

2. Whether the name of the accounting business for sale is well known;

3. The number of employees that must be hired and trained;

4. If you will make the purchase directly, or work with an accounting business broker.

Action Steps
The best contacts and resources to help you get it done

Locate a franchisor that provides accounting business sales

Buying into a franchise opportunity offers many benefits that you would not receive when you start a new accounting business. An established chain comes with a well-known name, an effective business plan that has been tested in the real world and ongoing support from the franchisor. The ground work for the business was already put down by the company that is offering the franchise, so you will be able to skip a few steps and get right to work.

I recommend: Look into the accounting business franchises available from Blue Coast Financial Group or Bookkeeping Express.

Purchase an accounting business that is independently owned

There are websites you can use to find retail businesses for sale in every state. Search through them to discover the type of business you are interested in owning anywhere throughout the U.S

I recommend: See examples of business for sale on BizQuest and VR Business Brokers.

Hire a lawyer who is experienced in accounting business sales

A business lawyer will know how to explain all the pertinent data in any contract you must sign when purchasing a business, let you know what rights you have as a buyer and list all of the legal obligations you will have after completing the transaction.

I recommend: Receive business law advice from Crossan Ferguson Olanski and franchise law help from Williams Law, P.C.

Sell an accounting business

The owner of an accounting business may decide to retire or sell their establishment to make a profit. Company owners who are looking for a good opportunity to list their office for sale can turn to websites that are dedicated to assisting people in the buying and selling of businesses. The sites act as an accounting business brokerage that connects buyers and sellers together so they can work out the details of a purchase.

I recommend: Sell your company with help from BizBuySell or Business Nation.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Talk to the people at the Better Business Bureau to get the history of the accounting business for sale you are considering buying.
• •  Investigate whether or not the accounting franchises you are interested in are regulated by your state government.
• •  Hire a certified public accountant to look into the financial history of any business you are thinking about purchasing, explain all the expenses that you would be faced with on a regular basis and help you understand your ongoing earning potential.
• •  You may want to work with a business broker who can tell you the pros and cons of any accounting business opportunity.