CPA Experts Discuss Selling and Succession Planning for Businesses

2024-05-03

Key Takeaways: CPAs should consider succession planning early, focusing on making their businesses attractive to potential buyers and ensuring client retention. It's vital for CPA businesses to adapt their names and processes to reduce owner dependence, enhancing their appeal and potential market value. Key staff might become prospective business owners; incentivizing with equity stakes might secure a successful and beneficial transition.

Key Takeaways:

CPAs should consider succession planning early, focusing on making their businesses attractive to potential buyers and ensuring client retention.
It's vital for CPA businesses to adapt their names and processes to reduce owner dependence, enhancing their appeal and potential market value.
Key staff might become prospective business owners; incentivizing with equity stakes might secure a successful and beneficial transition.
Aggressive investment of net profits into diverse assets such as real estate or emergent technologies can help meet post-retirement financial goals.
Understanding a post-retirement purpose, such as philanthropy, creates drive and helps prevent post-exit regret common among business owners.

Chapters:

Timestamp Summary

0:00 CPA Expertise on Business Acquisitions and Succession Planning

2:20 Challenges and Perceptions in the CPA Industry

3:17 Strategies for a CPA’s Business Exit Plan

6:51 Investing in Scarce Assets for Exponential Growth

8:32 Strategies for a CPA’s Future Retirement and Business Sale

11:17 Planning for Retirement: Sally Meeps’s Exit Strategy

12:01 Strategic Borrowing and Equity Sharing for Business Growth

13:13 Strategies for a Successful Business Sale and Transition

16:18 Financial Strategies and Contacting Expert Allison

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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