I'm a corporate accountant with a Big 4 Auditing background and a CPA license. I've been looking to acquire an accounting firm in the $1MM - $3MM valuation range. I thought I would be a solid candidate to purchase a CPA firm given my Background. But I'm finding most of the firms on the market are tax firms.
I've been having a difficult time selling myself to tax partners due to my lack of tax preparation experience. Most of these firms are being sold by retiring partners who want to hand their business off to an experienced tax pro or existing firm rather than train a younger CPA.
Has anyone had experience overcoming this hurdle?
Here are my thoughts:
- Acquire a business in a sector that doesn't require a certification or advanced technical knowledge
- Bring on a partner with tax experience who can assist with the technical work post transition
- Find a seller comfortable with the lack of tax experience, then outsource the technical work
- As a last resort, leave my current job and get tax experience before trying to acquire an accounting firm