Now that tax season is over, you may be thinking of growing your practice through an acquisition.While it certainly remains a buyer's market, smart buyers make sure that they have worked through the following points.

1. Understand why you want to acquire a firm. If it does not fit your strategic plan, you need to step back and revisit your objectives. Ask yourself how the acquisition will strengthen your core competencies. Most acquisitions that take a firm in a new direction fail to produce the desired economic results. If you cannot articulate how the transaction will make the firm economically better, it might be better to walk away.

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