Fairfax County, VA-Full Service CPA & Bookkeeping

Business Overview:

Founded in 2008 and operating in bustling, growing, and diverse Fairfax County, Virginia, this full service CPA firm specializes in accounting, financial statement preparation, tax planning, and bookkeeping services. This business has built a loyal book of clients by delivering on the following core principles:

1) Listening carefully to the client's needs and delivering solutions to meet requirements.
2) Focusing on both short and long term planning horizons.
3) Providing quality services in a timely manner.
4) Staying up to date on the latest income tax guidelines and financial practices.   
5) Leveraging technology to make it easy to do business with their clients.

This business is located in the center of a populated, affluent client base which affords the opportunity to attract individuals, families, commercial business owners, and government contractors. The current customer book includes 850 clients with 60% being individuals and 40% businesses. The diversity of consumer bases sets up a solid foundation for future growth. The service menu is extensive and caters to the wide variety of clients, including:

. Financial Statement Preparation
. Payroll Services
. Individual / Family / Small Business Tax Preparation
. QuickBooks Advisory
. Business Bookkeeping
. Government Contracting Accounting 
. Auditing 
. Estate and Trust Tax Preparation

The sellers are looking to retire from the business and engage with a new owner who will continue to build on their successful legacy.

Special Financing -- This business has been pre-qualified for financing with only 10% down payment for 10 years. Complete details are included in the marketing prospectus.

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Property Features and Assets:

This practice is located in the heart of Fairfax County in Northern Virginia, close to major freeways, residential districts, and shopping centers. The business is located in a beautiful, standalone office building and features 1,250 square feet of operating space in a dedicated suite. The lease is $2,932/month and expires on January 31, 2024. The landlord is open to new lease options and renewals depending on the new ownership plans. The business could be relocated if desired.  Assets = $32,547

Market Competition and Expansion:

The Accounting Services industry has steadily grown over the five years to 2022, buoyed by economic growth early during the period and a continued demand for monetary advisory during the financial challenges of the early 2020s. As revenue has expanded, new operators have entered the industry and competition has intensified, especially between smaller companies. In an attempt to boost market share during the high growth early in the period, the industry's largest players acquired several smaller companies. Overall, industry revenue is estimated to rise at an annualized rate of 2.0% to $133.0 billion over the five years to 2022, including an increase of 2.6% in 2022. The moderate growth, despite strong demand trends, is largely due to revenue not increasing significantly in 2020 as a result of the COVID-19 (coronavirus) pandemic and less demand for noncritical tax services; industry profit has also fallen as a result. The industry's largest players, including Price, Waterhouse, Coopers, LLP; EY, formerly Ernst & Young; Deloitte Touche Tohmatsu Limited; and KPMG International Limited, have all made acquisition deals over the five years to 2022 to sustain market share, particularly those focusing on advisory services. Meanwhile, smaller industry operators have continued to enter the industry and provide services to small businesses and narrow geographic regions. This is expected to continue over the five years to 2027 as major companies seek to expand their service offerings and new companies enter to capture additional profit, which is indicative of the mature phase of an industry's life cycle. 1. Additional business development and marketing efforts 2. Target more government contracting and commercial clients 3. Additional staffing to expand with growing customer base

Reason for Selling:

The present owners are retiring from the business.

Additional Details:

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