A new Web site called the Accounting Practice Exchange aims to help accountants and tax preparers sell their practices.
The site's founder wants to transform the accounting, CPA and tax practice sales market by making it easier and cheaper for those selling a business. Accounting Practice Exchange CEO Daniel Crowley said he noticed a gap in the market for a specific Web site aimed at the sale of accounting, CPA and tax practice firms in the US.
“I am not reinventing the wheel, just launching a specialized service,” he said. “Classified advertising Web sites focusing on the sale of businesses have proved to be a powerful sales tool in the mainstream market, but certain sectors have nuances unique to them and general listing sites just don’t work. The accounting, CPA and tax practice arena is one such sector that we are going to shake up by offering an industry specific Web site.”
The Accounting Practice Exchange is a meeting place for buyers and sellers of accounting, CPA and tax practices. Those with a practice for sale (the ‘For Sale by Owner’ Market) can advertise and connect with potential buyers at a national level without employing a third party business broker. For those looking to buy a firm, the ‘Buy Side' offers those interested in purchasing a practice the opportunity to search for the latest opportunities in the marketplace.
The site aims to compete with specialist brokers whose brokerage fees can average between 10 to 15 percent of the final sales price, making a major impact on the final profit figures for those who sell a practice.
“The Accounting Practice Exchange offers a very affordable route to market,” said Crowley. “Advertising rates start from as little as $99 and when you compare this with a 15 percent brokerage fee on the sale of a price for $250,000, you are looking at a fee of $37.5k. That’s one big difference that could really affect the sale of your business.”
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