First, a note from our President and Founder:

"Have you noticed the increase in conversation around artificial intelligence, more commonly known as AI? Technology is constantly evolving and it's important to stay up-to-date with the latest advancements to avoid falling behind. What does this mean for accounting practices? First and foremost, don't panic. AI will not take over your job as an accountant. CPAs will always be needed. The human element is something AI just can't provide. However, AI can be beneficial to your practice. Some of the benefits of utilizing AI include automated data entry, anomaly detection, real-time financial insights, improved compliance and risk management, enhanced data analysis and reporting, increased efficiency and accuracy, cost savings, and more. So, before writing off the usage of AI, you might want to look into it to see how it can help you and your practice."

- Justin Farmer, Esq., CBI

President & Founder of Private Practice Transitions

CLIENT TESTIMONIAL:

Jessica McMurdie

Former business owner, Jessica, sold her pediatric therapy practice with Private Practice Transitions. Watch the video to learn about her experience working with PPT. 

FEATURED BLOG:

Keeping Key Staff After an Accounting Practice Purchase

The staff is one of the most important variables in the transition of an accounting practice, or any private practice, from previous to new ownership. In this blog, we’ll explore the benefits of staff retention and offer strategies for keeping key staff after an accounting practice purchase. Click here to read, Keeping Key Staff After an Accounting Practice Purchase.

Listing 1219

Over the past 49+ years, this virtual Arizona Practice has offered a wide range of tax and accounting services to both business and individual clients. The Practice’s 2022 service by revenue breakdown was 34% Accounting Services, 21% Business Tax Returns, 21% Individual Tax Returns, 13% Payroll Services, and 11% Consulting and Other Services. Over the past three (3) years, the Practice has averaged gross revenue of approximately $800,000 (2020-2022). In 2022, the Practice brought in over $930,000 in gross revenues which was a ~30% YoY increase from 2021. As of July 2023, the Practice has approximately 696 active clients. The Practice has eight (8) 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. With a great reputation and loyal staff amenable to helping the Practice continue to thrive, the Practice is poised for a sizeable increase in revenue under new ownership. 

Listing 1231

This highly profitable tax Practice is a prominent leader in the tax and accounting industry on the West Coast. The Practice is full-service, providing tax preparation and planning, business advice and consulting, bookkeeping, accounting, and financial statements – everything needed to help owners plan for and grow their businesses. The Practice has earned a well-respected name "brand" with prospects, peers in the profession, and loyal clients who have placed their trust in the services it provides. The Practice’s success can largely be attributed to its established brand, loyal client base, and dedicated and tenured staff of over 30 employees. The Practice has grown its client base each of the last few years, with over ~1,700 active and loyal clients as of July 2023. The Practice employs a team approach to client service and is known for having a holistic and personable approach, which its clients appreciate. Additionally, the Practice has proven processes and procedures in place which result in accurate, thorough, and efficiently prepared projects and services for its clients. 

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