"This time of year always reminds us how fortunate we really are. In such a fast-paced world, everything starts to wind down as we celebrate the holidays with our family and friends. I am thankful not just this month, but every day, for my amazing team whose hard work and dedication continue to help us reach our company-wide goals each year. I am thankful for our wonderful clients, as we would not be where we are today without you. I am also thankful for you, our newsletter family, for your continued interest in our news and services. We extend our warmest Thanksgiving greetings to you, your family, friends, and loved ones!
- Justin Farmer, Esq., CBI
President & Founder of Private Practice Transitions
QUOTE OF THE MONTH
“There are no secrets to success. It is the result of preparation, hard work and learning from failure.”
– Colin Powell
UPCOMING EVENTS
WSBA Real Property CLE
Selling Your Law Firm For Top Dollar:
Preparing, Planning, and Implementing a Profitable Exit Strategy
Join us Friday, December 2nd, 2022, from 12:45-1:45 PST as we cover a high-level overview of the various steps you should take to prepare, both in the long-term and short-term, for a profitable sale of your business. We will discuss valuation techniques that can help guide your decisions moving forward, and several key structural considerations to consider when entering into a deal with a prospective buyer.
Questions we will cover:
What do buyers, bankers, and advisors look for when performing their due diligence?
How long does the selling process take (ie. financing, due diligence, and closing)?
What are the practical post-closing considerations?
Follow us on social media for registration details!
Established in 1971, this Practice located in the Seattle Metropolitan Area has offered a wide range of tax and accounting services to both business and individual clients. In 2021, the Practice had ~1,900 clients representing 3,467 total tax returns. The Practice’s service by revenue breakdown is 50% Individual Tax Preparation and Planning, 23% Business Tax Preparation and Planning, 20% CIRA Audits, 2% Condo Tax, 2% Reviews and Compilations, 2% Bookkeeping, and 1% Other. Over the past three (3) years, the Practice has averaged gross revenues of approximately $2,864,358 (2019-2021). Through October 2022, the trailing twelve months’ (TTM) gross revenues were $3,468,317. The Practice’s success is in large part due to the dedicated and seasoned staff who are highly skilled with a strong focus on customer service. The Practice has sixteen (16) staff including the Owners, who are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed upon period. Additionally, one owner would like to remain on as an employee post-transition, if desired by the new owner. If you are a strong leader with experience leading a team, this is the business for you.
For over 40 years, this Washington Practice has offered bookkeeping and accounting services to both business and individual clients. The Practice’s service by revenue breakdown is 65% Bookkeeping, 20% Income Tax Service, and 5% Other. As of October 2022, the Practice has ~500 total clients. Over the past three (3) years, the Practice has averaged gross revenues of approximately $621,953 (2019-2021). The Practice’s success is in large part due to the dedicated and highly skilled staff with a strong focus on customer service. The Practice has five (5) loyal staff members including the Owners, who are willing to provide transition assistance and help with goodwill transfer, business development, and other “mentoring” functions for an agreed-upon period if desired. With loyal staff and many word-of-mouth referrals, the Practice is poised for growth and increased revenue under new ownership.
If you are interested in any of our November Featured Listings, email us and indicate the listing name and number in the subject line or call us at 253.509.9224.
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