CPA Exchange LLC has launched a digital platform that allows public accountants to sell firms and clients online.
“What if you want to buy a CPA firm in a particular geographical area or with a specific practice specialty, or if you’re looking to retire and sell your practice? CPA Exchange streamlines the process of browsing practices to buy and listing practices for sale, without the hassle of working through a middleman,” said co-founder and CEO Paul Weinberg, in a statement.
Members of the exchange can share limited, anonymous information on what they want to sell on the exchange for other members to consider; more complete information is only made available to prospective buyers that the seller has approved. After that, the seller and the buyers are introduced to negotiate a potential agreement.
Among the information sought for firm listings are what accounting, tax and CRM software the firm uses; the number of professional staff, administrative staff, and offices it has; what real estate lease agreements it has; industry segments served and service line breakdowns; and whether the managing partner wants to stay on after a sale.
There is no fee to list a practice or client for sale; CPA Exchange charges an 8 percent transaction fee on each sale, which can be paid by the seller or split between the seller and the buyer.
“When you join the CPA Exchange, imagine buying the clients you want and selling those that no longer fit your practice,” said added Paul Weinberg. “The CPA Exchange allows you to grow and transition your CPA firm on a revolutionary digital exchange. What could your CPA firm look like a year from now or five years from now, if you could easily and confidentially buy and sell clients and practices and collaborate with your peers?”
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