many considerations factor into the best time to retire.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i am 76 and am starting to think about slowing down and selling my practice. i am a sole practitioner with three bookkeepers and a secretary/admin person working for me. i have a nice spacious office in a small building i own.
more: who to hire when it’s time to grow | hourly billing doesn’t cover the value; now what? | should you merge? here’s how to chart your path | when selling a firm to staffers is tricky | want to merge? six steps to take | courting a client? don’t give too much away for free | every accounting firm needs quality control | measure knowledge gaps (then close them) | should you offer financial services? | thirteen things to consider before you sell your practice | how much is your tax practice worth? | ready to retire? selling your practice is no strategy
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i have been approached by a larger firm that wants to buy my practice, but they want a guarantee of retention, and i was thinking of working with them for two years to ease the transition, and then sell. how do i set up the work arrangement?
also, they want me to move into their office, but then i will have to sell my office and the real estate market is soft. also, we will negotiate the price now (a percentage of gross) but how do i know they won’t change their mind, or what happens if the transition period is not good and i have to pull out? what do you suggest i do or how should i proceed?
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