what is driving the sale? is your firm ready?
by august j. aquila
price it right: how to value accounting services
the trend for small and midsized cpa firms to merge is accelerating as the competitive environment becomes even more demanding. while hundreds of firms merge every year, history continually shows that at some point in the future, things don’t always work out. like marriage, some mergers are successful while a great majority fail. many of the reasons for failure can be avoided if firms do their homework at the front end before entering the merger.
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the merger and acquisition drivers are constantly changing. some of the drivers we see today are a constantly changing marketplace, the creation of megafirms beyond the big 4, the sophistication of clients, the high demand for qualified people, technology, the cost of acquiring new clients, and finally, the accounting industry being in a mature market.
as we will see, most mergers fail because of non-financial reasons. unlike the sale of the manufacturing company, mergers of accounting firms are a lot more difficult to accomplish.
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