|REF||STATE||LOCATION||ANNUAL GROSS $||STATUS||PRIVATE SALE / BROKER|
|3805||NC||Charlotte||$565,478||sold||Poe Group Advisors|
This is a Charlotte based book of business. Seller is leaving an existing partnership. Clients are very loyal and have been with the seller for many years. 97% of the revenue is high quality tax and tax planning. Clients are in their peak earning years (age 35-55). Mostly tech savvy users who have the majority of contact electronically. Many clients have needs for more services that the current firm has been unable to provide due to staffing constraints. These services include Bookkeeping, CFO services, and additional tax planning. Average tax service revenue per business client are $2,800 and personal clients are $800. These clients are young, high earning and growing entrepreneurs. Th majority of the clients are in various professional services. They are sophisticated and understand their business and their finances. The seller is open to staying with a new firm. There is no office space. This practice can be run remotely.
Clients are conditioned to pay upon completion of the project and 5% annual fee increases plus additional increases for additional services or scope changes. Marketing currently comes 100% from a referral network of existing clients, attorneys, bankers, business brokers and wealth advisors. New growth has been exponential and the firm owner has been very selective with new clients, anyone that does not meet standards is referred out. The FYE 2022 projections are nearly $90,000 more than listed annual gross for 2021. Year end for this practice is May 31.
The ideal buyer would be a CPA firm that would be interested in a high quality, Charlotte based book of business. A firm that could leverage existing staff and infrastructure to offer additional services like bookkeeping, advisory, wealth management, etc. could grow these clients. Seller would like to join the new firm as an employee or advisor and have the ability to focus on serving business clients with compliance and tax planning. Seller is interested in having more resources to serve these clients. Seller has an established network of referral sources in the Charlotte market and would enjoy helping the buyer to grow the firm in Charlotte and other markets.