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Created by top CPA practitioners, e-MAP is a vast collection of practice management guidance and tools brought together in one place. Its easy-to-use Web-based format helps you find answers to your questions in a snap. The handy search tool helps you hone your word searches to specific items or topics. e-MAP even includes ready-to-use exhibits and tools created in Word or Excel to save you the hassle of recreating or retyping.
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FREE with your order Get Your Name in Lights In the cyber age of media, your firm has more opportunities to become a respected resource for hot topics in your industry—a thought leader with a story to tell. The trick is knowing how to design a compelling idea that speaks to your customer and intrigues the media messengers. Once you understand the game, the return on investment is light years beyond any form of advertising. This download is designed to give you insight on today's best PR strategies. It offers best practices to help you ramp up your story and brand. Note: Get Your Name in Lights is a free electronic download file that will be accessible immediately after completing your purchase. Access to this file will be provided through a link in your confirmation email. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077. |
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5/05 Rev.
By Albert S. Williams, CPA
Albert S. Williams & Associates, Inc.
Lakewood, Colorado
Most professionals electing to launch a practice expect professional challenges. Few anticipate the personal demands it will exact. Underestimate neither. Establishing your own practice will call upon your best technical acumen as well as your patience, your ingenuity and yes, your character. The rewards, however, can make this investment one of the best of your life.
Practically speaking, your prelaunch process should:
This last task is key. When on your own, you must be both willing and able to rely on your own judgment and accept full responsibility for the outcome. Bear in mind the risks associated with staring an accounting practice and the possibility that achieving your goal may take longer than anticipated. But, if the final analysis proves positive, seize the opportunity and give it your all.
The most often cited concern of beginning practitioners is "How do I obtain clients?" One solution is to acquire an existing practice, including the seller’s client lists and files. An acquisition saves hours of practice development time and provides the CPA with an established base upon which to build a practice. Bankers tend to look more favorably on a loan to acquire an established firm given the existing clientele and known cash flow. A practice that has a sound organizational structure, established policies, and a favorable image in the community also influences the loan process.
Once you've decided to go on your own, one of your initial decisions will be whether to start your own firm or purchase an existing one, if available. There are important considerations for either route that could affect the success and survival of the firm in its formative years. The principal determinants are cost and the establishment of a client base. Exercise the same degree of diligence and attention when comparing the costs of founding or acquiring a practice as would be applied when advising a client on a similar matter. The cost of purchasing an existing client base could range from 75 percent to 150 percent of annual gross fees. Terms will vary considerably, depending on geographic region, market conditions, type of practice, and other factors. The equipment, furniture, library, and other costs are additional, as is required working capital. Also, under present tax law, the acquisition cost of intangible assets is normally written off over 15 years.
Characteristics common to successful acquisitions include the following:
Interest in acquiring practices remains high. One of the major factors contributing to this demand is the number of CPAs entering, or reentering, public accounting from the private sector. Buying a practice offers a distinct advantage for those not possessing recent experience, and might be viewed by some as a “turnkey” transaction.
The decision to buy, as opposed to start, a practice will usually be based on the CPA’s needs, the problem of establishing a client base, and the availability of practices for sale in the area.
Copyright © American Institute of Certified Public Accountants, Inc. All Rights Reserved
January 2007
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