Practice Continuation Solutions

 

Looking to Sell your Practice? Retire? Get Value from your Business?

 

 

Looking to Sell your Practice? Retire? Get Value from your Business?

What’s your practice worth if you cant or no longer want to run it? If you are a smaller practice or sole practitioner with a successful bookkeeping and/or tax practice your business is worth everything to you, but nothing to most other people. It’s a fact that a sole practitioner’s practice will rapidly deteriorate within one month if you’re suddenly disabled from an accident or health problems – or if you die. It makes sense. Your clients want the financial security and stability you provide. When you’re not there, they will find someone else. Quickly. Everyone knows someone else. You’ve spent years building your practice – shouldn’t it be worth something when you want to retire or if you are disabled or die? Look at the protection plans you probably have in place: health insurance, home insurance, car insurance, life insurance. But who protects your business investment, who insures your clients that they will be taken care of, and who compensates your family no matter what happens? We will. What do you gain from ignoring the need for a Practice Continuation Agreement? You gain nothing by putting your head in the sand. Three times in the last three years we have been contacted to take over a bookkeeping practice after the accountant became disabled or died. We decided in each case that it was not worth our effort to go forward due to lack of a plan in place and our full understanding of the practitioner's practice. In these three cases, the practice either disappeared or its value was severely impaired because nobody understood the clients or business operations the practitioner had in place for their clients. If you die – is your practice protected? Let’s say you’ve been in practice for 20 years, you have built up a good business that is just beginning to pay off from the early lean years. You’re married and have three kids. Suddenly, you’re killed in an auto accident. Would a Practice Continuation Agreement help your family? YES! A Practice Continuation Agreement drawn up by you, your attorney, your primary heir, and our BriteBook360 team – in advance – means your practice can stay intact with the ongoing profits paid out according to your wishes. Now, if you’re ready to discuss a selling your bookkeeping practice or a practice continuation plan Call us at (586) 201-3393 and ask to speak with one of our Practice purchase experts.