How to Buy an Accounting or Law Firm
So you want to buy an accounting or law firm? There are many details that you will need to attend to in order to take over a law firm for sale or other type of legal business for sale. Locating a CPA firm for sale or accounting companies for sale can be quite a challenge. However, it is not impossible and you can be quite successful in this industry.
It is important to have some sort of legal background before you even begin to think about finding a legal service or buying a law firm. If you do not know the workings of the legal system, you will have trouble making the best decisions for the firm and to operate it efficiently to make a profit.
Accounting or Business Background
If you want to buy a CPA firm for sale or other accounting companies for sale, it is important to have an accounting or business background. This will ensure that you can make operate and run the new company with the ease and with profitability.
Finding a Law Firm
Finding a law firm may be somewhat difficult. Typically not a large number of firms go up for sale. Most law firms that are established are usually operated and run by a partnership. If one person wants out of the partnership, the other person traditionally continues the legal practice.
One of the best ways to buy a law firm is to join a partnership with an established firm. The firm will already have a regular set of clients and be profitable. People who have a law degree will find it easier to find a partnership with a firm. Additionally, it is typically easier to find a partnership in smaller firms than the larger firms that already have multiple partners.
Finding a CPA Firm or Accounting Business
Unlike the law firms, CPA firms and accounting businesses are much easier to find on sale. Many times the current owners are retiring, moving to a different niche in the industry or seeking partnerships. Often, people will receive training and work for a very large and established company. When they strike out on their own they are bound by employee contracts with the previous company not to set up a new accounting business for a certain length of time. Some CPA’s will elect to establish a brand new accounting business by hiring all of the staff, renting the physical location, advertising for clients, and attending to the other details of the new business. Once the company is completely set up, the CPA will then put the new business up for sale. The basics of the company will still be run by the CPA but it will not be in their name. This is a great opportunity for you to purchase the business and have assistance with running the company.
It is easiest to run and operate an established business. Whenever possible try to find a legal service business for sale or a law firm for sale that already has an established business and solid track record. Check with the current owner for financial reports, general customer information and company policies. You will need a solid business plan for the takeover of the business be successful and profitable.
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